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Old 22nd November 2013, 19:25   #1 (permalink)
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Scotland will have to quit the sterling if it votes for independence next year

Scotland will be forced to quit the sterling if it votes for independence next year, the Scottish secretary has warned.
Alistair Carmichael said the country could not guarantee a currency union with the UK after becoming independent.

It is the most prevalent warning yet for Scottish voters to remain in the UK in the referendum on September 18 next year.

Speaking about the possibility of keeping sterling, Mr Carmichael told The Financial Times: 'George Osborne has said ... it is highly unlikely.

'Most people in Whitehall understand that if George Osborne says something is highly unlikely, it is not going to happen.'

And when asked if he believed an independent Scotland would be excluded from the currency, he simply replied: 'Yes'.


Read more: Scottish secretary Alistair Carmichael warns: Scotland will have to quit the sterling if it votes for independence next year | Mail Online


Is Sterling that good, or should I say is the Euro that bad?
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Old 22nd November 2013, 19:36   #2 (permalink)
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Re: Scotland will have to quit the sterling if it votes for independence next year

This is utter drivel. No country can stop another country from using its currency. Just look at Zimbabwe - it uses US$, SA Rand and half a dozen others. Most people in Whitehall think that if George Osborn says something then he doesn't know what the hell is is talking about.
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Old 22nd November 2013, 19:47   #3 (permalink)
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Re: Scotland will have to quit the sterling if it votes for independence next year

Semantic crap, Norman.

Sterling is jointly owned by Scotland, N Ireland Wales and England.

Osborne does not have the power to kick Scotland out, neither does anyone else.

What will need to be negotiated is Scotland's relationship with the Bank of England.

Fear Factor, yet again - a sure sign the Pro-Union side is getting worried.
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Old 22nd November 2013, 19:50   #4 (permalink)
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Re: Scotland will have to quit the sterling if it votes for independence next year

This is utter nonsense and typical of the scare mongering by the no campaign. If they wish to help the Scottish public make an informed decision they should be contributing valuable and informative information to the on going debate and stop the cheap negativity which unfortunately has become the norm from the UK government.
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Old 22nd November 2013, 20:02   #5 (permalink)
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Re: Scotland will have to quit the sterling if it votes for independence next year

Well done Peter, one post two thanks. Wha's like us?
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Old 22nd November 2013, 20:03   #6 (permalink)
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Re: Scotland will have to quit the sterling if it votes for independence next year

Absolute nonsense ..scaremongering from the Tories.
Southern Ireland gain independence from Britain in 1922 but still retained monetary union until Ireland decided to join the EMS in 1978, while the Uk did not.
The European Exchange Rate Mechanism finally broke the one-for-one link that existed between the Irish pound and the pound sterling in 1979 when the parity link between the two currencies was broken and an exchange rate was introduced.
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Old 22nd November 2013, 20:13   #7 (permalink)
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Re: Scotland will have to quit the sterling if it votes for independence next year

It is all hypothetical,it won't happen,we are in the Union and that's where we will stay so Sterling will never be an issue.
Salmond has been and will be more so next week proven to be the fraud and xenophobe that he is.
BTW that is my personal opinion before his knobs gets on his high horse.
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Old 22nd November 2013, 20:15   #8 (permalink)
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Re: Scotland will have to quit the sterling if it votes for independence next year

And you are perfectly entitled to it, sir.
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Old 22nd November 2013, 20:41   #9 (permalink)
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Re: Scotland will have to quit the sterling if it votes for independence next year

The Scottish parliament had a shaky start but has gained a lot of respectability under the SNP administration and Alex Salmond has been a strong leader of his party. He is an excellent debater and a well respected politician in both Scotland and other parts of the UK. He may not be everyone's cup of tea but he is without doubt a very effective leader and first minister. I wish him, the SNP and the Yes campaign all the luck with the forth coming referendum as it is about time Scotland managed its own affairs and took responsibility for its own decisions. Scotland is a beautiful country with a population that deserves and I believe desires to 100% govern itself. I just sometimes think it doesn't believe in its own ability and capability to do it. In these difficult financial times people can find it difficult to find the courage to change from what is the status quo.
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Old 22nd November 2013, 21:05   #10 (permalink)
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Re: Scotland will have to quit the sterling if it votes for independence next year

A country that does not have it's own currency is a hostage to the interest rate policy , and exchange controls of the issuing country.

Scotland could use any currency it wished , but it would have no fiduciary latitude and would have to borrow on the open market in whatever currency it so chose.

The bank issuing the currency would sell at the price it wished , for wholesale money.

Swampy ground.

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