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.
Pensions
Taxation and welfare payment
Scotland already has systems for collecting tax and paying welfare benefits. These will need to be expanded to deal with the data transferred from UK administrations. Pensions will continue to be paid from government revenue. The details will be worked out in the independence negotiations.
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.
Payment of pensions
Currently large public and private organisations provide pension schemes. This will not change.
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Alternative Published Date
2021
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