Title picture: Cloudscapes, Stornoway, 1 February 2017

Wednesday, 12 February 2014

Scottish independence

A few notes on the subject of the Scottish independence debate. UK chancellor of the Exchequer (Finance Minister) George Osborne has indicated that in the event of Scotland voting for independence on 18th September, there will be no currency union with the UK using the Pound Sterling. Scottish ministers will now have think up plan B. They previously stated that they didn't want the Euro (this was at the time of the crisis in the Eurozone), so what will it be? The dollar??

I just couldn't make sense of the wish of the Scottish government to be in a currency union with the very country they were wanting to break away from. If Scotland were to be in a currency union with the UK, fiscal and economic policies will be directed to a large extent by the Bank of England, so why become independent in the first place?

However, what I find concerning is the noises coming from heads of industry, who are getting seriously concerned about the uncertainty surrounding an independent Scotland. What currency will it use? They may not wish to invest in or indeed continue trading in Scotland.

The Scottish government should learn to take decisions that are not dependent on others' actions, and STICK by them. And if it really isn't going to work, have a plan B ready.