The Short And Winding Road To A Scottish Currency

In this European Conversations podcast, Kirsty Hughes talks to Dr Iain Hardie about currency and independence and asks him about whether an independent Scotland should or could keep the pound sterling, introduce a Scottish currency and/or eventually join the euro. He opts for a Scottish currency in place on Day One of independence. Iain Hardie is a visiting lecturer at the University of Edinburgh, where he was previously senior lecturer. Prior to that he worked in investment banking in London and Hong Kong.

Ash Regan Backs A Scottish Currency After Independence

"Ash Regan today announced that if she becomes SNP leader she will back the Party adopting a policy of a move to a Scottish currency as fast as is practicable on Independence. She announced that she does not support setting tests before a currency is introduced and, if she becomes First Minister, commits herself to explore immediately what steps can be taken within the powers of the Scottish Parliament to begin to build the infrastructure of a new currency immediately."

Currency Questions

"Unionists insisting Scotland would not be allowed another independence referendum have recently appeared to change their tune, now wanting to decide the franchise for indyre2 and bombarding social media with the old chestnut questions of 2014. ‘What currency will you use” is at present one of the favourites."

The Quick Guide To A New Scottish Currency

1. When will the Scottish pound come into us?

2. How long does it take to create the Scottish Reserve Bank and be ready to release the new currency?

3. Why is it called the Scottish Pound?

4. Will I be forced to convert my money?

5. Do I need to do anything?

6. Will my new S£ account and cards be the same as my existing ones?

7. Can I keep my Sterling account(s) and have new S£ accounts?

8. Isn’t this even more complicated than Decimalisation in 1971 or bringing in the Euro?

9. Can I just carry on using Sterling for all my purchases?

10. Isn’t this all very difficult for businesses that buy or sell in rUK?

11. What about my mortgage, credit card and personal loan?

12. If I re-mortgage how does this work?

13. What is the big picture on our debts?

14. What about my ISA?

15. What about my wages?

16. What about my pension?

17. Don’t we need to save up Foreign Exchange reserves before we can introduce the S£?

18. What happens to the Banks?

19. I have been told the banks will have unmatched assets and liabilities and that this will cause a big problem?

20. It has been claimed that the commercial banks will face huge foreign exchange risks?