Wednesday, February 5, 2014

Scottish independence: Vince Cable has a simple message for Scotland’s ‘jolly fat man’ and unpopular Deputy First Minister Nicola Sturgeon, start writing and working on Plan B for a Scottish currency, Nationalists have no choice now

Dear All

It seems that the UK Business Secretary Vince Cable has decided to jump in on the currency debate.

His take is simply this, a currency union between an independent Scotland and the rest of the UK would be unsustainable.

Well, it rather looks like the Scottish pound is gaining real currency politically.

The SNP or to be more exact, the SNP clique has been in favour of the Euro in the past, I believe they would post indy take Scotland into the Euro citing the ‘bad deal’ from London, if that was to happen.

Salmond and Sturgeon would want to put as much clear water between Scotland and England as possible, the Euro does just that, the fact it would wreck Scotland isn’t as important as breaking away.

Cable says it is likely that Scotland would end up with its own currency; this would be a short term measure if Salmond was in power.

Scotland applying to have EU membership would have to start from scratch and abide by conditions for entry, also the SNP would need lender of last resort from someone, and accessing the European Central Bank would be a target.

Cable said:

"The plan B is a fully separate currency. The logic of what the governor and other people have spelled out is that the problems of a currency union with an independent Scotland are so difficult, so tricky, that it would almost certainly prove to be in Scotland's interests and indeed the rest of the UK that Scotland did have its own currency”.

He added:

"Of course, that would create a whole wave of other problems. It would create a barrier to trade across the Scottish border, as different currencies tend to do, and the problems of managing a fluctuating exchange rate in a country that is very dependent on raw materials.
"The basic arguments about the problems about operating a monetary union suggest that Scotland would finish with its own currency, with all the advantages and disadvantages attached to it."

Who would be the lender of last resort and who would guarantee Scottish Government debt?

Scotland’s ‘jolly fat man’ Alex Salmond who has buried his head in the sand has refused to entertain a "plan B" in the event that the currency union proposal fails.

The botched White Paper on independence argues:

"A shared currency is in the economic interests of both Scotland and the rest of the UK, as key trading partners. It will make it easier for people and companies to go about their business across the two countries."

Well that idea has gone down the plughole rather quickly.

A spokesman for Finance Secretary John Swinney said:

"Vince Cable's ridiculous comments are at odds with the commonsense remarks from RBS's chief executive”.

Fred Goodwin’s RBS that help send the UK into austerity?

The Bank that Alex Salmond backed to the hilt until it nearly brought down the UK?

Does the Chief Executive of RBS speak for the Westminster Government?

No, so his opinion is meaningless.

Currency union is a political decision, and the UK political parties, both in power, and in opposition aren’t going to go along with it.

Where does that leave Alex Salmond and unpopular Deputy First Minster Nicola Sturgeon?

It leaves them high and dry on their ‘rat ship’ of a political party.

As to Banks, if there is no lender of last resort, there may be an exodus to set up HQ’s in London.

Do Salmond and Sturgeon have a plan for that?


The SNP are putting at risk people’s futures, their homes, their mortgages, their savings, their pensions and the future of Scotland’s children.

I am voting No!

Yours sincerely

George Laird
The Campaign for Human Rights at Glasgow University 

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