Just thought I'd share this with you. Especially those who would doubt which currency an independent Scotland would use. Tonight I met Mr Stewart Hosie SNP MP and asked him face to face which currency an Independent Scotland would use and he told me in no uncertain terms that it would be the Pound. I said are your serious about that and his reply was 100%. He did go into other things which possibly I'd best not speak about on a forum but there you are, from the horses mouth as they say.
Just what are the reasons to leave then? Just don't see how it will work. The currency thing is just weird to me, why leave and then try and use the currency of the UK.
Well putting it like that mate maybe. Stewart did go into other currencies linking themselves to stronger currencies like the Hong Kong dollar and the US Doillar. It then started to go a bit over my head but he is in no doubt over the currency problem and is adamant that Osbourn is talking *****.
In or out for me. Don't see how Scotland can justify pushing for national independence, but ask for security of the British pound. Personally I'm totally for home rule, if that's what a nation wants. But it's in or out. Just like Ireland, or any other nation.
Stewart said it was beneficial to both Scotland and England to use the same currency. He also said that 60% of England's trade was with Scotland and any extra expence made by a different currency would not be accepted by England so accepting we use the pound would be for England the prefered option.
Politician talks **** shocker then. In my own personal opinion. Scotland seem to feel a little detached from England, maybe even more so than the north England - south England divide. But have a feeling the intentions are maybe a little bit what UKIP are criticised for.
well its a bit over my head too, but how can it be *****? surely if a country says it wants independence from another then says it still wants to use its currency then( 1 )its nottotal independence it wants and (2) the country that owns the currency has every right to tell the country that says it wants independence (ish) to **** off and find its own currency?
Got to agree politicians do have a habit of talking sh!te. So why should I believe George Osbourne especially when he read a carefully scripted speech and refused to answer questions on it and chose to run away via a back door?
So that says independence is a bad idea. Pushes up a potential price for trade, yes they can go elsewhere for goods but it just doesn't make sense to want it. Me personally I always say I'm English and not British. Won't affect me one bit but know plenty of Scots who fail to see a reason for it.
Yeah again I do agree with you NYR but Stewart was at pains to use as an example of Hong Kong Linking their currency to the US Dollar. And others which I can't remember but his argument seemed sound enough to me. Don't think he'd express such views to be called a fool later on.
If Scotland keeps the pound then, does that mean one Bank of England pound is worth one Bank of Scotland pound all the time? I don't see how independent nations can have currencies linked like this, it doesn't seem to have worked in the Eurozone for a lot of countries - isn't the Euro really just a rebadged Deutchmark or something? Not sure that's relevant, or is it? I don't know, economics is bloody confusing. Even the so-called economists don't seem to have a clue so I don't stand a chance.
Ha Ha possibly not mate. TBH I'm not wishing to be in anyone's face. This referendum is a huge thing not just for me but the whole UK. It is going to happen and the right decisions must be made. I'm no English hater. In fact I don't even think about it. I've English relatives but it is the future of my children and grandchildren I have at heart. This sham of an unelected Tory Govt we have at present does not fill me with confidence for the future prospects of my Grandchildren and maybe an independent Scotland might just be the way ahead. Who knows? The thing is I have the vote and you don't. A lot of soul searching has still to be done.
He is almost certainly not telling any lies there. He is probably being a bit disingeniuos at the same time. I don't doubt that an independant Scotland would use the Pound. But it won't be in a currency union, it will be a unilateral decision by Scotland, which they would be entitled to do and no-one could stop them. Zimbabwe, for instance, now use the US Dollar since the collapse of their own currency a few years ago following hyper inflation, as do some other African countries. It would mean that businesses get the sensible outcome of no currency exchange fees on every business transaction. That's good. What it means for Scotland though is that you would effectively be hanging on the coat tails of the Bank of England, and it's monetary policy, with **** all say in the matter. In a currency union, decisions about sterling, interest rates, exchange rate valuations etc would have to be taken with the interests of the UK and Scotland taken into account. If Scotland make a unilateral decision to use Sterling, then we could for example, whack interest rates up, devalue our currency or whatever, with no influence on the decision being made by Scotland, who would have nothing to do with it at all, and if it is bad news for Scotland then the response would be tough ****. That the kind of independance you want? - sounds risky to me. I presume you are getting access to more debate on the matter north of the border than we are because obviously it affects Scotland more than the rest of the UK, but based on what I have heard so far, there are still many issues upon which the arguments for and against are not clearly defined. Personally, I hope the answer is a resounding No vote when the time comes, but I worry that many people will make a decision that affects the country and it's direction for generations to come based on the very short term view that they dislike the currenct occupant of Number 10. That would be mad.
The problem as I see it for Scotland is that to tie themselves in to the pound is to effectively tie one arm behind their back when it comes to running their economy. With fiscal policy in this country skewed heavily towards the South East's housing market rather than what works for manufacturing elsewhere in the country they wouldn't gain the full benefits of independence, namely to set your own interest rates for what works for your country, along with influencing the exchange rate.