Carney: Scotland must cede sovereignty for pound

As someone with a Scottish heritage, all be it from quite some generations ago, I have always thought the Independence idea was a poor one. One of the most obvious things to me though, should Scotland decide to go it alone, would be that it would have its own currency. So to hear the SNP saying that it wants to keep a currency union with the rest of the UK made me realise that, despite all their bluster, the SNP don’t really have the confidence to make it on their own at all.

The following summary from the Local Government Information Unit of the Governor of the Bank of England’s recent remarks makes the SNP case look very weak indeed:-

An independent Scotland would have to give up a significant amount of its freedom to tax and spend if it wanted to form a currency union with the rest of the UK, Mark Carney has warned. “In short, a durable, successful currency union requires some ceding of national sovereignty. It is likely that similar institutional arrangements would be necessary to support a monetary union between an independent Scotland and the rest of the UK,” Mr Carney said. Unionists said Mr Carney’s intervention had left Alex Salmond’s plans to share the pound with the remainder of the UK in the event of a Yes vote this September “in tatters”.