There isn't anything we could do to stop them really. It's like some South American countries using the US dollar. The US can't stop it but at the same time they have no say over us fiscal policy.
I think you're confusing Scotland using the pound and currency union. They are very different things, the former being of no consequence to the UK, the latter meaning UK taxpayers cash would be the back up for Scotland finances, and no government at Westminster will accept that.
I think you're confusing Scotland using the pound and currency union. They are very different things, the former being of no consequence to the UK, the latter meaning UK taxpayers cash would be the back up for Scotland finances, and no government at Westminster will accept that.
To be honest I think Salmond deliberately confuses the 2 in order to use the phrase 'it's Scotland's pound' as a rallying cry without explaining that using the pound is not the same as a currency union
I think you're confusing Scotland using the pound and currency union. They are very different things, the former being of no consequence to the UK, the latter meaning UK taxpayers cash would be the back up for Scotland finances, and no government at Westminster will accept that.
I am not confusing the two. I am sure it would have some consequence if Scotland used it unofficially. They'd no doubt ask us for either a loan or a bailout of some sort if they had a crash. Even though we'd be under no obligation to give it to them.
I am not confusing the two. I am sure it would have some consequence if Scotland used it unofficially. They'd no doubt ask us for either a loan or a bailout of some sort if they had a crash. Even though we'd be under no obligation to give it to them.
I would vote no but Scotland would be like Ireland and remember when we had to help bail Ireland out a few years ago. ;-)
I would support a limited period whereby the currency union goes ahead until the new country has found its feet.
There will be a lot of things to sort out, to establish and to organise once the new Scotland is founded, and I'd be happy for them to keep the currency union while all that is going on. Good will and all that.
I can't see why we would support an economy we didn't control. If they want to use the pound unofficially we can't stop them, but they are responsible for their own debt with no BoE safety net.
...would you support a currency union with an independent Scotland?
Alec Salmond seems to think that should Scotland vote 'yes' the rUK politicians will back down and agree a currency union.
In my opinion he fails to take into account the views of English, Welsh & N. Irish people and has not once informed us why it would be to our benefit.
The rUK politicians will have no choice but to reflect the will of the rUK people.
My personal view is no. I would not want my taxes used to 'prop up' a foreign country.
I would want my government to ensure that rUK takes as much from Scotland as possible... jobs, business etc. and brings them here.
I would also welcome as many Scottish people who wanted to move south too before a border is created.
E, W & N.I. what are your thoughts?
I would politely request that Scottish posters do not comment. Thanks.
We already do prop up foreign Countries. It one of the benefits of us being in the EU
I would vote no but Scotland would be like Ireland and remember when we had to help bail Ireland out a few years ago. ;-)
We didn't have to bail out Ireland, our government chose to, and that's a very different thing. If an independent Scotland, should that happen, were not in the euro it would have no call on an EU bail out, but if it were in a CU with us we'd have pay its debt. That's why CU will not happen.
We didn't have to bail out Ireland, our government chose to, and that's a very different thing. If an independent Scotland, should that happen, were not in the euro it would have no call on an EU bail out, but if it were in a CU with us we'd have pay its debt. That's why CU will not happen.
Our government chose to as Ireland is one of the biggest importers of our goods and a very close trading ally which Scotland would be in f they became independent.
Our government chose to as Ireland is one of the biggest importers of our goods and a very close trading ally which Scotland would be in f they became independent.
Ireland was slightly different we loaned them the money (at a low rate). You also have to bare in mind it was a no lose situation as Ireland is part of the European Union and has the Euro. Their was no risk they would default on the payment worst that could have happened is the Germany and France would have bailed them out.
If Scotland goes it alone I am sure the UK would offer them a loan if they felt it could be paided back. However unlike with a CU we dont have to. We could avoid Scotland to fail. While they are a trade partner they are tiny so would not hit sterling much.
Ireland was slightly different we loaned them the money (at a low rate). You also have to bare in mind it was a no lose situation as Ireland is part of the European Union and has the Euro. Their was no risk they would default on the payment worst that could have happened is the Germany and France would have bailed them out.
If Scotland goes it alone I am sure the UK would offer them a loan if they felt it could be paided back. However unlike with a CU we dont have to. We could avoid Scotland to fail. While they are a trade partner they are tiny so would not hit sterling much.
I guarantee you that if Scotland became independent, then the UK would be its biggest trading partner. We'd be so intertwined that if we didn't help them, some of our companies may go bust. Just like the situation with Ireland. I don't think France is in any state to bail anyone out. Its economy is a disaster.
Comments
There is nothing Westminster could do to stop them using it unofficially though.
I think you're confusing Scotland using the pound and currency union. They are very different things, the former being of no consequence to the UK, the latter meaning UK taxpayers cash would be the back up for Scotland finances, and no government at Westminster will accept that.
That wouldn't be a currency union.
Scotland can use the pound if it so wishes. That's probably what would happen.
However, that's not the same as agreeing a currency union between Scotland and the rUK.
Salmond's attempt to muddle the two is a deliberate smoke and mirrors trick on his part.
To be honest I think Salmond deliberately confuses the 2 in order to use the phrase 'it's Scotland's pound' as a rallying cry without explaining that using the pound is not the same as a currency union
I know. Hence the word unoficially.
I am not confusing the two. I am sure it would have some consequence if Scotland used it unofficially. They'd no doubt ask us for either a loan or a bailout of some sort if they had a crash. Even though we'd be under no obligation to give it to them.
I would vote no but Scotland would be like Ireland and remember when we had to help bail Ireland out a few years ago. ;-)
There will be a lot of things to sort out, to establish and to organise once the new Scotland is founded, and I'd be happy for them to keep the currency union while all that is going on. Good will and all that.
If Scotland truly wants independence, then they should be independent.
1. British 2. English.
No.
And I hope Scotland rejects independence.
We didn't have to bail out Ireland, our government chose to, and that's a very different thing. If an independent Scotland, should that happen, were not in the euro it would have no call on an EU bail out, but if it were in a CU with us we'd have pay its debt. That's why CU will not happen.
Our government chose to as Ireland is one of the biggest importers of our goods and a very close trading ally which Scotland would be in f they became independent.
Interestingly the overwhelming view on here is no. Perhaps that needs to be communicated to Salmond?
Ireland was slightly different we loaned them the money (at a low rate). You also have to bare in mind it was a no lose situation as Ireland is part of the European Union and has the Euro. Their was no risk they would default on the payment worst that could have happened is the Germany and France would have bailed them out.
If Scotland goes it alone I am sure the UK would offer them a loan if they felt it could be paided back. However unlike with a CU we dont have to. We could avoid Scotland to fail. While they are a trade partner they are tiny so would not hit sterling much.
I guarantee you that if Scotland became independent, then the UK would be its biggest trading partner. We'd be so intertwined that if we didn't help them, some of our companies may go bust. Just like the situation with Ireland. I don't think France is in any state to bail anyone out. Its economy is a disaster.
I don't think that'd happen if they refused to take their share of the debt in the first place.
This
Hoy! Don't throw most of Northumberland and half of Newcastle out too!