Discussion in 'The Lounge' started by Jack D3200, Feb 14, 2014.
Are George Osborne, Ed Balls and Danny Alexander bluffing as Alex Salmond says?
They just seem to be stating the oblivious. Unless Scotland matches its economy to the rest of the UK - including pension spending and tax rates I do not see how a currency union could possibly work. Do you see Alex Salmond accepting his budget being set by Westminster? We have only to look at the example of Greece and Germany to see what happens when one strong economy (could be either Scotland or the rump of the UK) is locked into a currency union with a weak one.
For them all to be singing from the same song sheet suggests not. Looking at it logically the rest of the current UK cannot be expected to underwrite the economy of an independent Scotland should it run it's economy in a reckless manner.
I guess G Osborne has just forgotten these past recipients of the honour...
Thank you Elizabeth Gray
Countries previously allowed to be in a Sterling Zone.
Federation of South Arabia,
British Antarctic Territory,
Belize British Honduras,
British Indian Ocean Territory,
British Somaliland Protectorate (left in 1964),
British Virgin Islands, Brunei,
Burma (left in 1966),
Cayman Islands,Dominion of Ceylon Ceylon (Sri Lanka),
Egypt (left in 1947),
Tuvalu Gilbert and Ellice Islands (Kiribati and Tuvalu),
Republic of Ireland (until 1971),
India (including Sikkim),
Iraq (left in 1959)
AnguillaAntigua and Barbuda,Montserrat,Saint Kitts and Nevis Leeward Islands (comprising Anguilla, Antigua and Barbuda, Montserrat, and Saint Kitts (Saint Christopher and Nevis))
Libya (expelled in 1971)
Maldives Maldive Islands
Oman Muscat and Oman (Sultanate of Oman)
New Zealand (including, Cook Islands, Niue, and Tokelau Islands)
Israel British Mandate for Palestine (required to withdraw in 1948 following the creation of the state of Israel & New Breed
Papua New Guinea
Rhodesia (Zimbabwe) (expelled in 1965)
Saint HelenaUnited KingdomTristan da Cunha Saint Helena (including Ascension Island and Tristan da Cunha)
Namibia South West Africa (Namibia)
Trinidad and Tobago
Oman Trucial Oman (United Arab Emirates)
United Kingdom Turks and Caicos Islands
the Channel Islands, and the Isle of Man
Dominica,Grenada,Saint Lucia,Saint Vincent and the Grenadines Windward Islands (comprising Dominica, Grenada, Saint Lucia, and Saint Vincent and the Grenadines)
I think an independent Scottish currency could bring the Groat back. But to make it extra Scottishy they could replace the 'G' with an 'Sc'.
I can imagine it now, going down the Buraux De Exchange to get my hands on thirty pounds of Scottish Scrotes for a day trip Oop North.
Last of the big spenders eh?
If we do become independent of the UK(which I personally doubt will be the case) , Scrotes of the Engerlish variety will be denied entry to Scotland - you are now on zee list
Yes, I failed to say as well, at least we have some...
In the short term a currency union makes sense, but I'm more than happy to accept a Scottish currency and let rUK keep the entire debt. The suggestion was fair - share pound, assets and debt. Westminster chose to break the Edinburgh agreement and categorically rule out a currency union without negotiation, so it is wholly reasonable to allow rUK to retain both assets and debt.
Didn't take long for the lovebombing to make way for public schoolboy threats. At least we have a chance to reject their kleptocracy, more pity those in rUK who are stuck with them.
I prefer to term it as never knowingly over payimg for anything
Help ma' boab! With a surname lime mine I'd probably be repatriated rather than exiled
And ours, south of the border, is not run in a reckless manner???
Give the Scots a chance to break free from this pompous insanity.
Thank you Mike.
Well Gordon Brown kept using the word prudent when he was Chancellor of the Exchequer, so presumably not.
Their is the danger that if the government in Westminster, whichever party was incumbent at the time was to underwrite the debt and expenditure of Scotland that the government in Edinburgh might not run things on a sensible footing, knowing that they would be bailed out by Westminster.
EVERYTHING indicates that Scotland's finances would be far healthier than rUK, so no bailout would be required. No currency union = no debt = Scotland in the black and able to create a savings pot. Sound better than Thatcherite rule and 1.6 trillion debt?
Well IF they can do it there is not a problem, so they do not need to keep the pound then.
It depends on who has their assumptions/calculations correct!
Doesn't it depend on where the line is drawn with regard to oil reserves? Due East from Berwick on Tweed and the Scots might have a point; follow the average current border between the two countries, i.e. approximately Northeast from Berwick on Tweed, and you have a different result.
OTOH, when England and Wales (and Northern Ireland) have access to shale gas, the Scots can stick their oil where the sun don't shine!
Then Scotland won't need the weak pound as a drag on its economic genius. Why would they want to keep the pound?
A lot of us don't give two hoots for the pound. But the average uninformed (BBC and print media reliant) voter is afraid of change. Business is reluctant to change, but accepts it, but the media unsettles with relentless FUD and it could be argued that the currency union was selected to appease these voters, moving eventually to our own currency in due course (white paper suggests it wouldn't be a permanent arrangement).
The other suggestion is that Salmond knew how this would go down and he bluffed Westminster into revealing their threatening and truely disrespectful viewpoint as there's nothing like postering Eton alumni to turn voters against an increasingly ugly status quo.
Simply because it would make for an easier transition. To have to contemplate a change in currency at the same time as everything else makes it more complex and riskier.
A separate currency would invite speculation on the international markets which could do a lot of damage at a vulnerable time - just as Scotland is settling in.
That is not to say that Scotland might not wish to reassess it further down the line, and decide on the currency issue when the dust has settled.
BOOM!!!! Bye-bye Engerlund
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