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Does Scotland need its own currency after independence?
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- čas přidán 15. 08. 2024
- Would an Independent Scotland need its own currency? Professor Richard Murphy discusses
Follow Richard on his Twitter: RichardJMurphy or on his blog: www.taxresearch...
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scotland currency, independent scotland currency, Scotland currency after independence
The SNP need you as an economist.
Nice to see you on here Max ;)
You yourself have criticised politicians for calling the SNP the Scottish Nationalist party. Don't give this guy a free pass. Also, the lazy assumption that the SNP are somehow destined to rule an independent Scotland forever and therefore their current policies will somehow be sacrosanct in an independent Scotland is just plain stupid. The failure of the opposition parties to propose an alternative is the real issue here. In fact, the failure of commentators like yourself and the media to elicit any sort of policy commitment on the currency question, other than the bizarrely self-defeating and unsustainable "We would be bankrupt", is arguably a greater cause for concern than the SNPs various equivocations.
The question of a currency would be answered by the first government of the renewed independent Scotland. That might be coloured Labour, Tory, Green or Liberal Democrat. It might even be something like the current SNP, although I suspect that will naturally disintegrate once their singular purpose has been served.
My point is, all parties must give their currency preference, not just the SNP. Ultimately, of course, it will be the people of Scotland in the first election after independence is regained that will decide which currency is used, not the current SNP Government no matter how big their majority. The arguments put forward in this video are mostly perfectly valid, but the questions of currency, language, foreign policy allegiance, attitude to nuclear weapons and foreigners, are for the government of an independent Scotland to decide. The views of current SNP leaeders are just some of many that should be heard, and, I would argue, probably quite unimportant in the long-run.
@@andrakeith To imply that currency matters could be sorted after Independence is sheer lunacy and would be an economic disaster, the uncertainty would cripple the economy, also how could you decide on which party to vote for if there was no clear economic strategy that could be debated by professionals so that people had some clear understanding of it's effect
They won't employ him because he is English.
@@carlgreene538 He is helping the indy guys....
Totally agree and love the fact that you adopt MMT. One of the great gaps in Labour was the fact that they did not advocate MMT principles. Your explanations are clear and concise.
Excellent! 🏆
Scottish Pound ☑
Scottish Central Bank ☑
Scottish Independence ☑
More videos about Scotland 👍
Thank you so much for these short easy to follow videos.
Agree. Similar video presentations by the SNP would be most helpful. A lack of communication by the Scottish Gov't. results in the frustration/anger we presently see on Indy supporting fb and other sites.
@@richierich1835 who calls the shots on the US Dollar? The EU will accept dollars before Euro`s nothing hypocritical about it. There are conditions to be met on joining the Euro it will take 2 years provided the conditions match at the earliest, so the dollar is an excellent choice to prevent inflation or deflation in one's economy certainly much safer than the pound
Really looking forward to it
Very very good video and very interesting and logical take on the currency issue.
How would the rate of exchange be set re sterling and the Scots £
I guess Scottish savours and sterling accounts holders will have to just accept the market condition as they prevail
a minimum 15% loss of value upon exchange can be expected and that is me being
Conservative
So I hold sterling in by HSBC account in Glasgow
Upon independence the Scottish pound has a value
Let's say 20% less than sterling
For every GB pound I will receive 80p in the new Scots currency
All but say goodbye to the financial service sector which basically handles the bulk of UK pension funds those funds and service along with thousands of well paying jobs will move south into England most likely
Leeds which is now the home of the fast growing fintech sector outside of London
A bit like we are told will happen to the city of London outside of the EU but with far far greater consequence
Listen out for the howls of your mad coming from the scions of Edinburgh if indy2 becomes a real possibility
60% of Scotlands trading income and trade flows will continue if only in the short-term remain to be directed south of the border
Exchange rate could cut the income from that trade by 20%
Just via exchange rates alone
The Snp has banged on about brexit harming Scotlands economy
How much more harm will be caused by
The absence of barnet consequentials
A massive devaluation of the Scottish pound
Removing frictionless trade with the market which represents 60% of trade
If you want to watch
Tim rideout get fact checked
Search Google for his apparence before a Scottish parliament budget committe
Very very reveling
These people say one thing to the audience but faced with a fact checking they
Revert to well I don't know but Knore do you as he did.
People like him help to destroy the case for mmt he mixes political fluff with mmt
Even the dogs in the streets know even if Mr rideout does not that
Mmt can be no part of the discussion whilst establishing a central bank just the whisper alone will damage the credibility of a newly established Scottish central banking institution
This man is just like Boris happy to make it up as he goes
@@josephmccalla-bennett3550 Agree with a lot of what your saying.
I suspect there will also be a lot of Scots in the run up to an independence referendum moving all their money into English notes or into an English bank safe from the devalued Scottish £.
This would like exacerbated the crisis the Scottish economy would face as billions flow south.
I also wonder about mortgages that people have already signed up for the banks are under no obligation to change a mortgage agreed in sterling to the S£.
The sad part is that a lot of Scots just don’t even care enough to look into the economic impacts.
They seem to think that independence and getting rid of the tories solves all our problems when in fact it just creates more.
The lies told daily by the SNP and utter hypocrisy of them just infuriate me.
Take Alyn Smith just there first he says that the economic impacts of coming out of the EU customs union will be severe and are still to be felt.
Then in the next breath he says “yes we will need more controls at the Scotland England border but it only 75miles so it won’t be that big a deal.”
They also continually bash Boris’s brexit deal saying it makes trade so much harder it’s the worst deal ever.
I think they forget that should Scotland be independent the deals that the EU and U.K. make are the deals which Scotland will have to follow.
So going by what they are saying we won’t be able to trade with our biggest trading partner after independence.
The SNP are a bunch of halfwhits
@@johnredmond6723 the Scots £ will outperform the £ sterling so why would anyone move their savings to sterling? Or use an English bank, none of which are actually owned by England?
@@shirleybuchanan640 How can you guarantee that the Scottish £ would out perform the U.K.£?
My concern would be that if Scotland became independent would all of my savings be moved into 🏴£ as soon as new currency is established?
Normally bank accounts held in each country are in the currency that the country uses. So I would assume this would happen.
A way to get around this would be for me to have an account with a bank south of the border so that my savings would stay in 🇬🇧£s
The SNP have said quite clearly that they'd use Sterling in the transition period until the Scottish Central Bank was up and running.
They have no intention to use Sterling indefinitely.
So long as that transition period is no more than a few weeks
They couldn't use sterling indefinitely if they wanted.
Further to my original comment, it wouldn't be hard to set up a new currency logistically speaking since RBS, BoS and Clydesdale all print their own notes anyway. All the changes to make it a separate currency would be behind the scenes. It would become the Scottish government issuing that debt, through the new Scottish central bank which sanctions the Scottish pound notes of RBS, BoS and Clydesdale. Whether that central bank could start issuing its new notes very quickly since the printers that do it already for the aforementioned banks.
@@mikeygilmour4635 finally someone mentions that. I am neither scotish nor english so i thought i miss some point on that. Maybe i still do? Because it seems to be that simple, or not? So why is it not discussed more? Just converting all prices, saleries etc. to scotish pound (which right now has the same value because they are coupled), then uncoupling to an own scottish central bank and done. Maybe there will be a shortage of notes for a month but you could still pay by cards. As i said i am not british, or have any degree in economy so maybe someone with more insight is so kind to explain the issues with this ideas.
@@mikeygilmour4635 aye nae bother.... sure tis easy!! Ye jist git tha banks tae print mare money.
And what would that currency be backed with? Haggis farts?
If Scotland goes with its own currency, support for independence drops to the low 40s percentile. And if ye vote for independence you lose the sterling pound.
I’m English and also an MMT advocate. I have no issue with Scottish independence but joining the Euro would be insanity. Follow Richard’s advice and create your own currency and central bank. Stay well clear of the ECB as they’re a currency board and not a proper central bank. Oh, and like the fact or not, they’re ran from Berlin and the Germans love a trade surplus and don’t seem to understand that not everyone can have a surplus at the same time.
I'm a 54 year old son of a Jamaican imigrant, Jamaica when it gained independence used the pound until it arranged the Jamaican dollar, Australia, Canada, New Zealand even Ireland after a bloody civil war continued to use the pound for10 years.
But only Scotland so beloved by our Westminster friends would be denied the right to continue using the pound during some kind of transition period.
Makes all the more determined to gain independence.
Scotland would not be denied the right to use the pound.
Immigrant
@@Alan_Mac actually Westminster can`t stop it unless they withdraw the entire currency from the market, there is no chance that will happen any more than the Yanks pull the dollar to stop all the illegal trade deals going on using their currency. this is just Westminster /English bluster
@@andrewlawson1053 No idea why you're directing that at me. I suspect it's because you can't read properly.
@@Alan_Mac well actually your correct it wasn`t aimed at you as it was for the other Alan just the wrong reply button was chosen a simple mistake should not rush to quick judgement.
Scottish National* Party
Not Nationalist.
I caught that, too.
In practical terms they are the party for Scottish nationalists. The notion that they represent the Scottish nation is idiotic.
@@Alan_Mac How so? They're polling higher - significantly - than all the other parties put together.
@@stellarossaCPCU Their appeal is a very narrow one - the small-minded xenophobic tartan gonks who want to partition the country. Sane people are not represented by the Scottish Nationalist Party
@@Alan_Mac I am quite sane m8.
SNP IS taking us to a better quality of life than say um....boris and his Westminster posse who can't tell the difference between a hole in the ground and a hole in their asses.
🏴#2inevitable
I agree with richard Murry. It is in scotlands own interest to have its own currency and central bank in the event scotland voted to leave the UK.
That was always the intention Darryl.
loving these simple but extremely helpful wee explainer videos
Excellent presentations - makes economics (almost) enjoyable.
Type the following into youtube and you can see him admitting to a Holyrood committee that his constant assertion that GERS hides billions syphoned of by Westminster is incorrect and that no other country uses his so called accountancy methods
Richard Murphy floundering in front of a Holyrood committee
@@ericcooper1709 this video has nothing to do with GERS
@@ericcooper1709 Type what?
@@grahamthomson6969 Go on to CZcams and in the search bar type "Richard Murphy flounders in front of Holyrood committee"
Makes so much sense. That's one of the biggest failures of 2014. It doesn't make any sense to call ourselves independent by still remaining in a currency union.
What he said is right, we need our own central bank. We already have three of our banks which print their own bank notes. Many people and businesses in England don't accept our Scottish notes while it's the same tender, so they indirectly do us a favour by already recognising that Scotland has a separate currency 😏
Then from a poll of the Scotsman back in 2019, the question was "what currency should an independent Scotland use?"
I remember the results as if it was yesterday: 45% Scottish currency, 30% sterling union and 25% EUR.
We can clearly see our people's interest into an independent currency.
Besides, Sofia airport, Bulgaria and Dubai airport, UAE, offer conversions of money into separate Scottish pound and British pound, with the same exchange rate of course. But it still is a start 👍
My biggest issue with MMT is the FX element. In the case of a large country (e.g. US although that is the main reserve currency country) the economy can survive currency shocks relative to other currencies. If the new Scottish Pound was attacked relative to the currencies of it's trading partners, then it could be deflated/inflated and this would damage export/import situations. MMT unlike more classical Keynesian, seems to ignore this factor. I am not an economist and would never claim to know a huge amount about this, but one of the considerable advantages to having proxy currency (e.g. Euro like Montenegro) is that such attacks are unlikely. However, Scotland would need to take on a currency that matches it current and future trading needs.
Unlike Montenegro, I consider that Scotland is large enough to float it's own currency. However, MMT does not provide all of the answers or the rationale for doing this.
I have Scottish Pounds in my wallet. I have Bank of England Pounds in my holiday wallet. Scottish notes are not currently acceptable in most of England.
You have Pounds Sterling in your wallet.
In order to print banknotes the Scottish and Northern Irish banks have to leave an equal amount of currency with the Bank of England. This is why the Scottish and Bank of England notes have exactly the same value. Scottish notes are legal currency throughout the UK. It's up to individuals as to whether they take them. Usually they are refused because people have never seen them before. In Blackpool, which gets a lot of Scottish visitors, they are happy to take Scottish notes.
I lived in England for 16 years and rarely had problems spending Scottish money. People would take it saying they didnt know if it was a real note. Maybe I'm just more trustworthy than you.
julian shepherd I’d rather not take the risk, so always stock up on English notes before crossing the border. I work in tourism, I handle and accept 12 different versions of Sterling regularly. This is not the case in English retail.
@@gordonmackenzie4512 You don't, "handle and accept 12 different versions of Sterling" in the slightest. Scottish bank notes are not Sterling.
I am looking forward to seeing an independent Scotland
@a basketboy Yet 8 of the top 10 poorest areas of Europe are in England.
@a basketboy www.theguardian.com/business/2019/dec/10/number-of-europes-poorest-regions-in-uk-more-than-doubles
Another interesting video !
So if Scotland became Independant they would also be resonsible for paying state pensions to Scottish pensioners in Scotland and in other countries ?
No, they would be responsible for paying Scottish pensions to those resident in Scotland. UK pension payments were made to UK government and they remain responsible for paying them to those who qualify, in Scotland and elsewhere.
Yes
@@shirleybuchanan640 I'll wager that wasn't the answer he was expecting.
Thank you Richard.
The SNP badly needs this. I raised the issue of the power in money creation (Modern Money Mechanics) at an SNP branch meeting & was told by the MSP such matters were for a higher authority. The SNP hierarchy is all about instilling “trust” in the Scottish Government first and foremost.
You are correct. They will not be taken seriously by serious people if they do not present the program you have here.
Will people lend to Scotland if it borrows in its own currency? If the currency crashes, the lender gets back a fraction of what he lent. I would have to be very sure that the Scottish pound was stable before lending .
Also, if I have a million in Sterling and owe taxes in Scotland, I only have to convert enough to pay my tax. I can leave the rest in Sterling, which has been around for centuries.
Scotland owns 10% of the British pound,
George Ross more than that. It doesn’t go by head of population, but what revenue we generate...
That's 10p
It seems people in Scotland are scared to change to a new currency but others are scared it will not change. Not sure how people can be reassured both ways.
I completely agree Richard. As a supporter of independence for many years, I simply do not understand the reluctance of the SNP leadership to publicly embrace the notion of a Scottish £, to normalise it in the minds of the electorate. The whole point of independence is to have the ability to do things differently, to have full control, and you need those financial levers to do that.
Using Sterling during the transition period is fine, but it is not a long term solution!
Scotland needs to be able to react to economic situations as the arise going forward, this pandemic is a prime example, having the ability to borrow or print money would be a necessity!
When it comes to splitting debt and assets, during divorce settlement with rUK, one key asset that the UK Govt owns, and which Scotland would be due a share, is the BoE reserve. It currently stands at around £180bn, so Scotland would be due something like £15bn, that would go a long way to underpinning a new Scottish currency.
The reluctance of the SNP to explain how they would deal with currency issues and the Scottish deficit stems from the fact that their solutions would then be put in the open to be scrutinized an would scare the electorate to death.
@@ericcooper1709 The Scottish Government doesn't run a deficit, in fact it's against the law for them to do so. They are allocated a budget of around £45bn by the UK Government, and have limited borrowing capabilities, they can't spend outwith that.
The 'deficit' you refer to only exists in the GERS figures, and is the result of the 'UK allocation' of spending, on things which an independent Scotland may or may not choose to spend on, for example, Scotland is allocated £4bn of UK defence spending, but similar sized countries spend in the region of £800m ~ £1bn, so that would wipe half the notional deficit out in a stroke.
As for the currency scaring people, I disagree, people need clarity to make a decision, and there are strong arguements for using either a Scottish Pound or Euro, and if the economic arguement includes Scotland joining the EU or EFTA, then it would go a long way to reassuring people.
OK. Watched the "could..." video and this was more detailed but how do you establish a central bank and valid currency so quickly? What do you have to back that currency? What reserves?
I assume no gold standard, but just the recognition of its validity as a currency, which surely could be highly variable in current volatile economic times.
Please refrain from using the term "Nationalists" as it gives a bad impression. Internationalists would be nice :D
No reason why scotland can’t use Sterling, it’s Scotland’s currency, created there. England has been borrowing it all these years
Scotland had its own pound established by King David the First in the 12th Century.
Well ask him to set up your central bank then.
Scotland pound Yes, England pound - 50 years No, woohoo!!! 300 years Scotland pound :)
They wouldn’t legally be allowed to use the pound without financial alignment and control by the UK. Also the UK is very unlikely to let Scotland use the pound.
Really? 'Legally'. Then please explain how Australia, New Zealand and Ireland used the £ until they decided otherwise? the BoE needs Scotland to use the £, see if you can figure why?
Is there a UK if Scotland leaves?
Please don't comment on a topic you are ignorant of. What you want to happen, probably won't!!!!
@@chancergordy All countries using the Euro € are financially aligned interest and inflation wise. The same for the dollar and pound. Australia and New Zealand was aligned in terms of inflation rates. It would financially make no sense for Scotland to follow the UK interest and inflation rates as the south of England is so much more productive in comparison to Scotland. It would devalues Scotlands economy like the Euro did to Greece leading to massive spirally debt which will never or take hundreds of years to pay off.
Scotland should be independent economically not just politically so they can choose their own path and not rely on the South of England to pay for everything.
I am concerned about "capital flight" - people who have holdings in currencies they believe in, may well just evade tax rather than convert the currency of their savings and pensions - or abandon Scottish residency altogether.
And we're talking a significant proportion of people in Scotland who are not earning money, but retired and living off these savings - they ensured the Indyvote in 2014 went the wrong way because they were tricked into believing the value of savings would be wiped out.
So some may be thinking: "So What? Let them go live in England", and the whole debate starts becoming acrimonious again - this time the Independence supporters touting an anti-immigrant platform and the retired conservative "immigrants" fearing they would rather be refugees than switch to a new currency.
I strongly suspect the SNP's decision to keep the £UK was to placate this demographic for the IndyRef - then would phase in a new currency, or the Euro, in future parliamentary terms as campaign policy points during an election rather than sweeping changes by force.
The retiree vote in Scotland is very much tied to the £GB which determines the value of their pension, as the SNP recognised as a determining factor for that demographic in the 2014 referendum. To influence that vote otherwise requires a credible alternative option which is not available to date.
I was thinking that aswell just making everyone pay tax in the new Scottish £
Would mean that everyone who have to set up a bank account for the Scottish £
But say some had 100,000 GBP in their bank then to stay on the safe side they could keep that in a GBP savings account
And set up a new one for new income in the ISP.
The thinking being that the ISP may be worth a bit less than the GBP🤔
The bankers and financiers will, of course, do everything in their power to capture the process of independence so that, even if independence occurs, nothing significant will change i.e. they will still be in charge. As things stand, the SNP leadership appear to have ears only for the Establishment's placemen, so their commitment to real independence, which requires the conditions described by Mr Murphy, has to be questioned. In much the same way, actually, that the UK Establishment ensure that only a tame, Establishment-friendly version of the Labour Party ever have a chance to get their hands on the levers of power.
You're asking the SNP to understand modern monetary thinking. A party with a history of financial mismanagement.
The simple answer is Scotland would create its own Central Bank, thus creating its own currency, which it can set its own interest rates and it will be agreed by the BIS , IMF etc Its simple, there is no other way.
Yes if the Isle of Skye and Orkney islands go independent
Cornwall, Yorkshire and wales go independent too as well :)
One at a time guys.
There is nothing stopping Scotland creating a local issue or secondary currency that can be used alongside Pound Sterling.
Scotland could create a central bank while part of the UK and create a Scottish Pound to sit alongside the Pound Sterling (on par), the Scottish pound would be used for internal transactions and the Pound Sterling would be used for inter - trade within the U.K and for external trade.
Thank you. My concern has always been that an Indepedent Scotland simple exchanges pounds for euro and the same lack of control of interest rate.
Hi Richard, Just to let you know that Scotland already has the best currency in the world...and it’s called the “Barr’s Iron Brew Ginger Bottle” lol and for anyone saying it should be spelled “Iran Bru” nope sadly we’re no longer in the EU as WE got dragged out by the anti-Europeans who want to have even more money in their bank account .....so I’ll spell it the good old way. Made in Scotland from girders Freeeedoooom!🏴🏴🏴🏴🏴
Made in scotland by girders😂😂😂no heard that in a lonnnnnng time.class👍
🏴#2 inevitable m8
Agreed Richard. After that explanation why on earth wouldn't they want to do so.
The intention has always been to use sterling for a short time, whilst we chose our new currency. Just like most other countries which left UK control.
We don’t know yet about prosperity of future independent Scotland.
This is a onesided and thus dangerous perspective.
There is more to take into consideration.
I suggest the Scottish Penny as this was its first currency.
There is nothing stopping Scotland creating a local issue or secondary currency that can be used alongside pound Sterling
@BreatheScotland,
There are many countries that have multiple currencies
They already have Scottish pounds. It's just retailers in England won't accept them, even though they're legal tender in England.
@@BigHenFor ,
Legal tender status is left up to businesses (whether they choose to accept them)
Spondoolies would be the new Scottish Currency
The burning question is what language would Scotland use?
Gaelic? Glaswegian?
Whatever they wish. Gaelic, lowland Scots, Doric, Hindi, Bengali, Mandarin.
@@johnbinnie5697 The Doric is Scots.
Remember that Westminster may not allow English to be spoken in an Indy Scotland, such is the power and influence of the worlds most corrupted and perverse parliament in the world. .😂🤣😂
@@chancergordy for sure it burns to the core of the SNP that indy Scotland's language will be English. Kinda fun knowing that 😂😂
He what about mortgages and pensions if you get indy ?
Slovak approach. (About 60% more growth than UK across the last 30 years since independence.)
The Scottish ‘Thistle’ would be much like the plant - good to look at, but not to hold…
An "independent " Scotland would join the EU and a condition to adopt the Euro 😅
I think you mean the SNP are all wrong
They'll need a leader first.
YES
.. and how would Scotland pay for goods and services it needs from across the world? How would it pay for these if not in dollars or whatever the currency that supplier wishes to be paid in. It is wishful thinking to suppose such suppliers would be happy to be paid in Scottish currency
Stop it we don't want any of that common sense nonsense on here!
I can see you support a Scottish pound but personally
I don't see the point or rather I think there are more advantages to using the Euro.
I'm concerned about the costs of setting up not just a central bank but the institutions required to administer the SP, it seems like unnecessary £billions when we could and should be spending that money on other thjngs, why not use the Euro ? The second biggest currency on the planet, already being used by 17 other countries and fellow traders, it eliminates the lender of last resort question, eliminates fears over pensions and crucial allows us to trade with 17 other countries, with no exchange rates or bank costs, it just makes perfect business sense to me
some common sense yet again
Thank you big thumbs up
Scotland will never leave the UK.
Bet Serbians thought the same about Croatia
Pounds Stirling
Gosh. Bit of a minefield. Scottish pounds are unusable in UK at present. Shops won't accept them. And then I guess when they rejoin EU it would revert to Euros?
The Scottish Quid... sounds good to me.
I'm english and got relatives in Scotland just past Inverness,I spent most of my school holidays up there best time of my life loved it and was even in a Scottish regiment in the army .I live in the north of England and know what it is like to get the shitty end of the stick were the government is concerned and can totally understand the call for independence and to govern yourself ,so I agree with you but the snp and there performance and policies sound more like a militant left wing communist party with a lot of underhand treachery going on ,be careful what you wish for
@Jan Schlossar First off don't start a message by insulating some body or saying something you wouldn't say to somebody's face
WTF is the Scottish Nationalist Party??? Please don't make that mistake again. Cheers.
Would an independent Scotland with its own currency be able to join the EU?
Yes but it would eventually have to join the Euro.
Yes
Yes.
@@lindabastable3021 Would they be required to join the Euro?
@@adampowell5376 No. EU members make a commitment to move towards adopting the Euro. That is all. There are no penalties for not immediately adopting the Euro. There is no timetable. So long as a member country says and does nothing to directly contradict their commitment to eventually adopt the Euro that is that.
if scots are going to have a currency before joining the euro please dont call it Scottish pound. I suggest Thistle.
can i get a pint of Guinness?
that will be 8 thistle please
👍
Due to needing to transition Scottish currency the SNP economist said it’ll take 10yrs to rejoin the EU with austerity measures to meet the economic requirements.
Believe it or not, as an Englishman I think it's time for Scotland to be independent. It's not like we are fighting each other anymore so it's time. But please, Scotland, if you insist on joining the EU, have your own currency and don't use the Euro or Sterling or you will have to borrow and not simply create the money you need to prosper. I'd argue that the SNP have sincere ideas, but their approach to monetary policy is wrong. Get yourself a central bank Scotland and build up your Forex reserves and you'll be fine. Join the EU and you'll be 1 of 28 and not 1 of 4 and yield even less influence than staying independent from everyone, so stay independent. Adopt the Euro and you'll be a slave too. Don't do it.
But they they choose to rejoin EU, they would have to use the Euro. How would that work?
They don’t have to use the Euro. Other new EU countries have not done so. Representatives of the EU have pointed out that they will not force new members to join the Eurozone. The only commitment is to join at some unspecified future date (which may be put off indefinitely).
There is nothing on paper that says we have to join the Euro.
It can take three months to a year to create and start our own money.
Scotland have had dealings with central banking in the 1800s.
You don't - you only agree to join the Euro eventually when the time is right. For Sweden the time is never right. You also have to have your own currency and central bank (the Scottish Reserve Bank - see www.reservebank.scot) in order to join the EU, and you have to have had your own currency for a minimum of two years before you can even contemplate joining the Euro.
Denmark, Sweden, Poland?
@@johnbinnie5697 They just say 'the time is not right' and they can do that forever if they want. Giving up your currency is a big loss of control so if the country does not think the benefits compensate for that then that is a valid choice for them.
This is nonsense
As Westminster is aware no ex British country starts out with its currency before independence, India was a colony and never used the pound whereas every other British territory used Sterling until they had their own up and running, not English pounds its correct name is Sterling and only because an Englishman spelt it wrong it was supposed to be Stirling and also invented by a Scottish king and a Scot who help established the Bank of England, so Under Westminster Law it only needs £5 million pounds to create your own bank an amount the SNP could easily do as many ex territories have done for a central bank and build the structures within it. the Republic of Ireland used as did many countries use the pound and their currencies in tandem with the pound. this deliberate and devious and disingenuous attitude from Westminster and their supporters only serves to show their disrespect and contempt for Scots. You are on the wrong road if its the Union you wish to save, talk the Union up not Scotland down.
😂
The greatest Union of nations is the United kingdom ,a country which is a world leader, UNITED KINGDOM FOREVER 🇬🇧🇬🇧🇬🇧🇬🇧
This guy has just invented two new currencies, the Scottish Pound, and the English Pound. I know that he means GB Pound or Sterling when he says English pound, but hey, why not use the wrong term to keep people patronised and make it look like it's just been invented.
Andrew Carey : He’s just explaining it in terms that make it clear what he’s talking about. If Scotland reverted to using the Pound Scots, the Pound Sterling would become the English (and Welsh) pound de facto.
@@johnbinnie5697 The notes proposed look good but, for a name, I like Smackeroonies, has a nice ring to it :)
GBP will be in decline? Sterling has been in decline for years, it's officially the worst performing major currency in 2020, and it's fallen from $2.00 to $1.25 against the USD, and from €1.65 to €1.06 against the EURO, over the course of the last 10 years.
And all that before the effects of a no deal Brexit, and CV19, as you say, and then possibly Scottish independence on top of that!
@@SH-lm6ek It's still the 6th largest economy in the world and one of only a handful of countries never to have defaulted on government debt
@@ericcooper1709 It was the 5th largest economy, not any more, and it had a AAA credit rating, but that's been downgraded by S&P, Fitch, and Moody. Just because it hasn't defaulted on government debt, doesn't mean the UK economy, or it's currency, isn't in decline.
And, to rub salt into the wound, it was India that overtook the UK to 5th largest economy, so thats now 2 of the top 5 world economies that are former British colonies, the USA and India, so maybe a country doesn't need to be part of the UK to thrive after all.
@@SH-lm6ek It is still regarded as one of the safest currencies in the world and whatever the Scottish government come up with it will still be far more stable and highly rated than anything the SNP come up with
Well they are not having our Pound or any money from Westminster!!
Says you?
@@2000bhoy NO not just me, the organisation that I belong has millions of members all of the opinion that the Greatest Union in history must never be broken up, if it is then Scotland will lose the market and if and it is BIG IF it joins the EU then it will have a hard border with the British single market.
@@michaelcarr2874 Firstly, which organisation is that then?
The pro Brexit, pro Union, pro national sovereignty (as long as its England) organisation?
Its not for you to decide to be perfectly honest.
Secondly, its not up to you what currency we would use.
Thirdly, any division of national assets versus national debt would be subject to negotiation.
Way above your pay grade!
Finally, if we decided to join the EU, yes, there would be a hard border with England, not the British single market as Britain would have ceased to exist and you could thank Brexit for both.
@@2000bhoy You talk such rubbish Jock, if you bunch of renegades do get independence then of cause the UK single market will still exist, it will be England , Wales and Northern Ireland, so do not forget that it is your biggest market, without it you are toast. I am from Scottish heritage and have many relations up there and all of them do not want what the SMP wants, they are all true patriots who believe in the greatest union in history, and when I see the rag tag bunch you send to Westminster it makes me ashamed of my heritage, the Fat Controller (the most boring man in history, sounds like a broken record), a great oaf with a pony tale and manly women, if that is the best you can do God help Scotland!!
@@michaelcarr2874 Once you start throwing insults, it means you have run out of arguments.