Tuesday, April 01, 2014

And a Minister said ...

Let them use the £ sterling.

Of course there would be a currency union," the minister told the Guardian in remarks that will serve as a major boost to the Scottish first minister, Alex Salmond, who accused the UK's three main political parties of "bluff, bluster and bullying" after they all rejected a currency union.

The minister, who would play a central role in the negotiations over the breakup of the UK if there were a yes vote, added: "There would be a highly complex set of negotiations after a yes vote, with many moving pieces. The UK wants to keep Trident nuclear weapons at Faslane and the Scottish government wants a currency union – you can see the outlines of a deal.

Firstly, I'd like to point out that this was the plot of a "not-just-rather-Nat-friendly but actually several feet up Wee Eck's colon" play on Radio 4 a few weeks ago.

Secondly, I'd like to point out that there is no way that an independent Scotland is not going to start off using the pound. No way are they going to be allowed in to the Euro and there isn't enough time (based on my experience of Euro conversion in the late 90s) for all the work necessary for an independent central bank and independent currency. Even if any of the Scottish banks had any money to spend on the IT project. So the question isn't "£ or no £", it is "currency union or no currency union".

Which rather leaves us at a bit of an imp-arse*.

Every party with the vaguest chance of being in power in r-Westminster has officially rejected currency union. The SNP have rejected the Montenegro (€) / Panama ($US) solution (use the currency without any portion of control or even representation at the Bank of England. Ed notes: And with the relative size of the economies, any Scottish representation or voting rights would be the rough equivalent of the SNP's representation in Westminster - they might tip the balance if everybody else was hopelessly confused.)

Which actually means that his Eckness (and the rest of his hordes, including the rabid e-ones) are going to have to be a wee bit adult about this. Which is, given that they can't stop whining about how unfair it all is, is going to be rather unlikely. Ho hum.

* © Sgt F Colon, Esq.

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