A Scottish Currency in an Independent Scotland
Zoom video by Tim Rideout. Timetable for introduction of Scottish Pound post independence. What will happen to my wages and bank account, and pension.
Currency
The advantages of having our own foreign currency reserve
A foreign currency reserve is required to support the domestic currency. It helps maintain the value of the currency and can be sold when required. Having and financing its own foreign currency reserve would cost about half a million pounds than servicing Scotland's share of the UK reserve.
How to start Scotland's own currency
A central bank needs to be established. Personal and business accounts need to be set up. Loans can continue to be paid in Sterling or the new currency. Pensions can also be paid in the same way.
Independent currency requirements
An independent Scotland needs its own currency. First requirement is a Central Bank. Then there the details of bank accounts, customer accounts (business and personal), repayment of loans, payment of pensions, and the printing and coining of money. All these are technical details which financial institutions are well versed in.
Some advantages to Scottish independence
The advantages of independence relate to:
Self determination
Political identity
Brexit and EU membership
Maintenance of publicly owned health service
Control over use of resources
Economic control
Currency
Security and nuclear weapons
Currencies Scotland could use after Independence
According to Modern Monetary Theory an independent currency is necessary to have a properly independent country. It is possible to establish a currency for Scotland and there are enough resources to provide sufficient monetary resources to support it.
Would an independent Scotland have to use the Euro?
Fast Facts
‘No. Scotland would not have to necessarily use the Euro.’
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Busting the old Unionist anti-indy myths. Open minds on Scottish independence #19
Date Published
Fast Facts
This article looks at three myths about Scottish independence:
Myth 4: Business leaders are worried about the effects of independence.
Myth 5: A new Scottish currency would be difficult to establish
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What are the arguments against Scottish independence?
Date Published
Fast Facts
There’s a multitude of reasons why people aren’t in favour of independence. We take a look at them including the economy, borders, currency, whether there is real benefit to the union.
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