Currency in Scotland after 2014
Debate between Ian Murray and Lindsay Roy(10 years, 2 months ago)
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Ian Murray
I am grateful for that intervention. That point is ignored because it is convenient for the nationalists to ignore it. They do not care about the rest of the United Kingdom. They do not care about businesses and employment across the rest of the United Kingdom. [Interruption.] If they did, they would put their efforts into ensuring that that worked for businesses and for employment across the United Kingdom, rather than being obsessed with the constitution.
I will try to make significant progress. There is a banking museum in the old HBOS headquarters on the mound in Edinburgh. It says that people think of money today as banknotes and coins, but that the currency used to be things such as tea, shells and even feathers. That has been used in the past. We may need to go back to that, because people need to know what the money will be in their pockets. We cannot run a modern economy on empty ginger bottles. Incidentally, people can press their own coins at the museum. There is a little press that kids can use to press their own coins. Perhaps that will become the Scottish Government’s plan B when they have to decide to print their own coins.
This is too important an issue for the SNP and the yes campaign not to be honest with the Scottish people and businesses about the way forward. The overwhelming weight of opinion is now against a currency union. It is little wonder, as any agreement would mean that our interest rates would be set by a foreign bank and include strict instructions on how much Scotland could tax and spend. Scotland would have no control at all over monetary policy. It would also mean the loss of our UK central bank, which acts as the lender of last resort. The Secretary of State for Business, Innovation and Skills raised the lender of last resort issue last week in relation to the large Scottish financial institutions perhaps being forced to move south to be by the central bank, for the reasons that I highlighted earlier, from the crisis in 2008.
Lindsay Roy (Glenrothes) (Lab)
Would keeping the pound not make Scotland a neo-colonised state?