Whilst I’m no fan of the chancellor, what he will say tomorrow will be a perfectly rationale defence of the interests of the rest of the UK if Scotland voted for independence.
The SNP’s reaction to the news that George Osborne is set to reject their plans for a currency union with the rest of the UK should Scotland vote for independence has been predictable to say the least.
In his response to news, Scotland’s finance secretary John Swinney has accused the chancellor of seeking to “bully Scotland”. Good party political stuff it might be, but what Osborne’s speech tomorrow will highlight is the naivety of the SNP’s proposals.
The fact remains that it would not be for an independent Scotland to dictate to the rest of the UK whether it would be able to stay within Sterling.
Yes it is true that the pound is as Scottish as it is English, but the very act of independence would mean divorcing Scotland from the rest of the UK. It would end Scottish inclusion in a UK wide military, it would end Scottish representation within the UK wide diplomatic service and ultimately it would end Scottish claims to remain within Sterling.
What Osborne’s speech will do is to highlight the SNP’s failures to convince the very people they would need to convince that an independent Scotland, keeping the pound, would be good for the rest of the UK.
Already Wales’ first minister Carwyn Jones has opposed the idea of a currency union on the basis that it would not be in the best interests of Wales. Speaking in November, he declared:
“Given the experience of the Eurozone in recent years, and the uncertainty which surrounded the various bail-outs, I am not convinced that a shared currency would work from the Welsh perspective.
“I would be uncomfortable being part of a currency union where there are competing governments trying to run it. If there is a disagreement, who has the final say? This is a recipe for instability and these things matter, particularly in times of crisis.”
Is this bullying Scotland as John Swinney might put it? Or is it a perfectly rationale argument put forward by a leader standing up for the interests of his nation?
Likewise, is it bullying Scotland when the ratings agency Fitch warned in December that an independent Scotland remaining in a sterling zone would create instability?
And is it bullying when the former deputy leader of the SNP Jim Sillars last month dubbed Alex Salmond’s currency plans as “stupidity of stilts”?
Whilst I’m no fan of the chancellor, what he will say tomorrow will be a perfectly rationale defence of the interests of the rest of the UK if Scotland voted for independence.
Far from bullying Scotland, it is a warning to voters that they might promise the earth, but on the currency union the SNP would need to embark on tough and unpredictable negotiations with the rest of the UK with no guarantee of success.
Rather than sniping and throwing accusations of bullying around, Swinney would do better to persuade the UK why it should accept an independent Scotland within a Sterling zone. So far, he’s failed quite spectacularly to do so.
57 Responses to “The SNP are wrong on currency union”
NMB
Exactly – this is getting more like the hokey cokey every day – in out in out lol
Mick Reilly
So what’s with the fight to keep us then? Cameron doesn’t want to debate it, why should you need us? Oh that’s right how else would you ever again get anything even remotely left elected again! Go do one after Blair your no better than them! Now leave us alone to make our country a better place, your not near socialist enough to realise we could be the best example you could ever get!
NMB
News headlines tomorrow – SNP to default on UK share of debt if no currency union
If they ever went ahead with this – which they wont – Scotland would never be able to borrow money on the international money markets, the EU would not view it favourably and Scotland would be set adrift in the international community – yip, true independence.
Yes, the SNP will come back saying we have lots of natural resources – so has Argentina but it defaulted on debt and has never recovered. Indeed the country is on the verge of economic collapse, there is a black market trade in dollars and the government has run out of answers.
Alec
Loyalty? Something Salmond’s rhetoric is sorely lacking in.
And please drop this crap about Scotland being a naturally Leftwing – or even inclusive and uncritically accepting of immigrants – country. One positive effect independence might have is losing the whipping boy of Westminster for the shortcomings of ersatz socialism leading to a natural shift towards what you’d dismissively call Rightwing policies.
Also, stop using exclamation marks. I expect you think it makes you look earnest and sincere, but it simply makes you look demented.
~alec
Mick Reilly
Alex Salmond is a lifelong Nationalist his desire for self determination has never waivered and he would view his loyalty to the country of his birth as absolute. He is a conviction politician something in seriously short supply these days, he has laid down invitation after invitation for any of the west minister cronies to come up and have an open honest debate on any of the issues that have been raised, but that is not how politics are done these days, we live behind a veil of democracy, where smarmy politicians are schooled by elecusionists and spin doctors on what not to say and how not to say it, and leave the real policy making and informing of the voters to the right wing press. When Tony Blair stood over Murdochs spawn as God father, Labours fate was sealed. It matters not a jot what kinda country Scotland becomes in 2014 it always has been and always will be far better than the cess pit you are fighting to keep.
I bear no malice what so ever for the hard working people of England, I wish them well, but for over 40 years you have consistently chosen a different path to us and we have had to pay that price and this year we have the chance to say enough is enough. If you were any socialist at all you would wish us well support us and hope that we could make a show of what can be achieved, instead you just want to ridicule and belittle, no wonder we want to leave.