Scotland’s ‘jolly fat man’ Alex Salmond yesterday had the equivalent of an ‘A’ bomb dropped on the SNP currency plans.
The bomb was dropped by the Governor of the Bank of England Mark Carney as the SNP refused to take refuge behind Plan B, the Scottish Pound.
Plan A is now in all intensive purposes been wiped out.
Now, Salmond is facing mounting pressure to set out alternative currency plans for an independent Scotland.
That means the White Paper isn’t worth the paper it is written on, it also means that you should never put a GAY Team in charge of an A Team event.
“If you have a problem, and if no one else can help, maybe you can hire the A Team”!
Who’s laughing now Salmond?
It has all collapsed; did you really seriously think you could get Mark Carney onboard or even get good PR?
In his first major intervention in the referendum debate, Mark Carney has completely blown apart any idea that the SNP are planning full independence as they would have to sacrifice control over tax, spending and borrowing.
That is no independence at all.
Time for a quote:
“My problem is that I have too many talented people and not enough Cabinet positions”.
Well, doesn’t look that, ironically Carney’s assessment was immediately dismissed by Finance Secretary John Swinney.
A man who is laying down his political credibility for Alex Salmond, holding the fort without the benefit of walls, it’s all coming crumbling down.
Swinney says an independent Scotland would have control of key policies as part of a currency union.
Good luck with that spinning!
Having a really good campaign, the UK Government and cross-party pro-UK Better Together campaign said Mark Carney’s comments completely destroyed Salmond's claim that Scotland as an independent country could both share the pound and pursue radically different economic and welfare policies.
So, although the bedroom tax could be dropped, don’t expect to see better levels of benefits, if you are poor now, you will be poor in an independent Scotland.
But ‘pals’ and family of the SNP clique will be alright, just in case that was a worry for you!
With no currency union likely Salmond needs to cobble together and put forward a "Plan B".
The currency union must have strict rules, or Scotland could go down, in fact Scotland would need stricter rules than England because of the public sector in Scotland and the fact it would have no central bank.
Expect as a starter for ten, austerity, budget cuts and services to be scaled back.
Since Salmond and Sturgeon done no work, there is a price to be paid for their failure on Government and local Government reform.
And you’re going to be paying for it.
Carney also warned that "tight fiscal rules" would be required to minimise the "moral hazard" of one member pursuing irresponsible economic policies.
Alex and Nicola can spend their Scottish ‘Giro’ but only their Scottish ‘Giro’.
Prime Minister David Cameron has since joined calls for the SNP to come up with a currency "Plan B".
A Treasury spokesman said:
"A currency union is highly unlikely to be agreed. The Scottish Government needs a Plan B."
Alistair Darling, head of the Better Together campaign, said:
"As the Governor makes clear, in a currency union both sides have to agree to each other's taxes, spending and borrowing. It is highly unlikely that the people living in the rest of the UK would agree to this. The Governor's speech quietly demolishes Alex Salmond's claim that Scotland could keep the UK pound after leaving the UK. The Nationalists cannot continue to make false promises on currency when it is so obvious that leaving the UK means losing the UK pound."
Patrick Harvie, member of the Yes Scotland campaign repeated his call for an independent Scotland to have its own currency.
Harvie has had a decent campaign but he picked the wrong side, he probably thought that Alex Salmond was a wildcat but in reality he is a beached whale.
"I recognise that the SNP's preference is for continued use of sterling but given the likelihood of the Scottish and UK economies diverging we should stand ready to exert full economic independence using our own currency."
Seems he has a bit of a hook on the situation, maybe he should have been more vocal about the self created problem long ago.
Lastly, “where the A team Alex”?
George LairdThe Campaign for Human Rights at Glasgow University