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?
No!
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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