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pedro083 said:Rebec911 said:Ben88 said:As a half Scot (mothers side) I hope they see sense and vote to stay in the UK.
I heard a snippet on the radio the other day which stated if Scotland went Independent without the £ they would need between fifty and one hundred billion to support their new currency.
How true/accurate a figure it is I don't know but if its even close that's just scary.
Yep!!! The Governor of the Bank of England stated that a independent Scotland would have to hold much larger reserves if it wished to use the pound without a currency union.
The conservative estimate for this is £21 Billion or £4000 for every Scottish Citizen:s
so really a easy amount to raise for our own currency
Fido said:This is one of the most important issues we will ever discuss.
Tall_Paul said:I too will be very sad if Scotland decides to split.
Personally I hope they stay, but ream as much powers out of Westminster as they can (which it sounds like they're doing a marvellous job of at the moment).
That may the thinking of some people with no idea about history but I suspect not the mindset of the majority. It's about the future not the past.BraveBlades said:why destroy that on account of some historical notion of oppression.
How does it not? All the countries with the euro are tied to the German economy and I don't see any claims that they're not independent.UKRob said:Regarding currency union, how does tying your economic policy to another country's fiscal policy achieve independence?
Not sure what the relevance of devaluation is.If you don't think this is important, read up on Harold Wilson's pledge that devaluation will not affect the pound in your pocket.
The world still has foreign exchange markets that work regardless of the strength of the u.s. economy. If their economy is weak someone else's is stronger. Estonia's success was nothing to do with America. (There I thought again for youRegarding Estonia - in 1991 the world was a different place, American stupidity had not rocked the world's banking system. If you think the same rules apply today, think again.
Which scale of success are you using? One where decisions are made for the majority of the population? I've really got no interest in whether we'd do better (whatever that means) or not, I just want our political mistakes to be made by Scots for Scots..Don't get me wrong, I have no axe to grind here, but if you think that a nation of 5m can do better on it's own that as part of a nation of nearly 70m, I think you are mistaken.
Doggycam said:"sold up the river for one man's megalomaniacal vanity project. I used to respect Alex Salmond but when I have seen him in debates he comes across as a blustering bully under the slightest scrutiny (as Nick Robinson from the BBC found out the other day)."
We are not voting for Alex Salmond, we are voting for Independance. Strange our different perceptions. I thought Salmond put Robinson in his place.
"Given the intimidation dished out by the 'Yes' campaign "
What ? I live near Glasgow, work in Edinburgh and know no-one and have not heard of anyone being intimidated.
The BBC and most of the press is biased towards "No", so don't believe everything you hear/read.
"I heartily agree with the point that I am not sure that people are seeing this as anything more than a General Election, which is a worry really."
Do you realise how condescending that sounds ?
"I hope that the people of Scotland realise that, in all likeliness, they're just going to get an Edinburgh version of Westminster. Politicians are politicians, no matter which side of Hadrians wall they reside."
The Scottish Parliament have done a better job for Scotland than Westminster ever have. Politicians may be politicians, but at least they'll be Scottish Mp's voting on Scottish issues, and I will have a direct control via my vote over them.
As it is the 5.3 million of us are totally swamped by the 56 million English. My vote in the UK elections means nothing.
Did you know there are more pandas in Scotland than Westminster tory MP's ? There are 2 pandas ! Tis true, not a joke.
I am not anti-English, I would just like to have a real say in my daughters and my own destiny.
ravey said:In the event etc. nobody would be able to stop Scotland using sterling (anyone can use any currency they choose), Isle of Man use it for example. Of course like IoM we wouldn't accept Scottish notes ironically.UKRob said:Simple question - and maybe someone will be able to tell me what the answer is - has anyone asked the Independence party to explain what their strategy is in the event of not being able to use sterling
One thing is for sure - you cannot control economic policy if you don't control the purse strings.
We're each other's biggest import/export market, so using sterling would make that easier but a new currency would possibly make more sense. The ideas thrown around that Scotland somehow wont be able to do anything for themselves is absurd and bordering on insulting if not downright racist. Scottish enlightenment was a major influence and driving force in American independence.
"When Estonia gained independence in August 1991, the government decided to create a new currency to replace the rouble. Less than a year later, in June 1992, deposits held in Estonian banks were redenominated, from roubles to kroons. Special counters at the new central bank were opened to allow residents to swap the old currency for the new one. As a show of confidence in the kroon, residents were also permitted to switch roubles for German marks, a strong currency. The scheme, reviewed in a 2002 IMF paper, worked well: the switch to a new central bank and currency took a week.
An independent Scotland should be able to follow this example. It will have more time to plan: fully 18 months between the vote and independence, which would come in May 2016. Scottish notes already circulate, and production could easily be scaled up. The new country's share of Britain's foreign-exchange reserves—around £9 billion—would provide credibility."
Full article here.
When I worked at a certain Scottish bank we had to change our domestic only systems to from sinlge currency to also allow euros to allow for banking services in Ireland and that cost millions, but most systems already cater for foreign currency and it's just a case of adding a few new settings to a parameter file or table.
mr..bean said:To be honest, the point around currency union is still not being answered. To say that '...nobody would be able to stop Scotland using sterling' is patently untrue.
Fido said:A reason cited by many Scots for independence is to ensure that never again do they get Tory governments imposed on Scotland that they have roundly rejected. The English might argue for their independence to reduce the risk of living under a Labour Government ensured by the number of Labour seats elected by the Scots.
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