British Government to rule out a currency union with independent Kingdom of Scotland

[-:Undertaker:-]

http://news.sky.com/story/1210805/scots-independence-uk-to-veto-currency-union

Scots Independence: UK To Veto Currency Union

George Osborne will stress the Government's opposition to a currency union between the rest of the UK and an independent Scotland.


http://news.bbcimg.co.uk/media/images/70185000/jpg/_70185637_chanc.jpg


Chancellor George Osborne is expected to use a speech in Edinburgh later to rule out an independent Scotland joining a currency union with the UK.

Mr Osborne will argue "the pound is one of the oldest and most successful currencies in the world".

He will call on Scots to "choose to stay within our family of nations here in the United Kingdom" and opt to keep the pound and the "economic security it brings" when he publishes the latest Treasury analysis of the issue.

Mr Osborne will argue the countries of the UK have together "faced the worst economic and financial crisis since the great depression" and "avoided the economic collapse other nations around us in Europe faced because together, we had the strength to confront our problems and overcome them".

It's about time this was confirmed, a currency union would be a disaster for the simple reason that the Euro is a currency union and without complete economic and political union (as the Eurozone shows) it ends up a complete mess. It's unworkable.

I have to say though as a strong Unionist, I don't like the way this is being used as a scaremongering tool to win the referendum. Although I want Scotland to stay, Scotland could very well do just fine on it's own as an independent country and could have it's own currency with no problems at all. Scots should be voting on cultural grounds, not economic grounds.

Thoughts?

Thread moved by Nick (Forum Super Moderator): From 'Discuss Anything' as it is more suited here.

[GommeInc]

Good. If they want independence, they should have their own currency. There is no reason for them to share the pound, they will be leeching off England, Wales and Northern Ireland's success and not really benefitting us if they have completely different economic policies. The only reason it could be used as a scaremongering tool is if Scottish voters are voting for independence for the wrong reasons. If they want independence, go for total independence and vote for it on cultural grounds. You can't pick and choose what to take in the divorce - I believe this mimics the EU and the UK :P

[Red]

As if they expect to keep the pound and then threaten that they won't pay their debts if they don't omg. Independence should include the creation of their own currency. Infuriating that they think they can leave but dictate bits they want to keep!

[dbgtz]

A currency union would be pretty stable in this situation, but I just found they way they just assumed they could keep it to be awful and they'll probably have to adopt the Euro if they join the EU anyway.

[The Don]

Don't they plan on competing with the rest of the UK by acting as a tax haven with ridiculous low rates? If so, why would we enter a currency union with them? Being independent unfortunately means have your own currency, not riding off the rest of the UK. I feel like Alex Salmond has been feeding the Scottish population a bunch of lies to win them over.