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What currency should independent Scotland have?

Forums Independence Discussion What currency should independent Scotland have?

This topic contains 9 replies, has 8 voices, and was last updated by What currency should independent Scotland have? 1 Chas 5 months ago.

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  • #1258
    What currency should independent Scotland have? 2
    Calum Carlyle
    Participant
    @calum

    Very interested in your thoughts on this, but also, please go and vote in the Scotsman reader poll on this very question:

    https://www.scotsman.com/news/politics/general-election/poll-what-currency-do-you-think-an-independent-scotland-should-have-1-4882062

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  • #1259
    What currency should independent Scotland have? 3
    Lesley M
    Participant
    @latelesley

    I always liked Kevin Bridges idea of Smackaroonies.

     

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  • #1274
    What currency should independent Scotland have? 4
    Robin
    Participant
    @robin

    Initially, as Ireland did, Scotland will need to use the pound, but should replace it at an opportune time with a new currency.  I’d favour the Scottish merk over a Scottish pound with free use of the euro alongside it (as Denmark does wih its Krona and the euro).

     

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    • #1297
      What currency should independent Scotland have? 5
      Chas
      Participant
      @chasmaitland

      I like the idea of callling it merk if only to get away from links to the pound and Bank of England.

      0
  • #1280
    What currency should independent Scotland have? 6
    Twitter Leaks
    Participant
    @bill

    Currency. I think we should use currency. Bits of paper with someone’s face printed on it, maybe famous Scottish people.

    If the till at M&S Gibraltar can take and give any currency in exchange for goods I see no reason to concern about what form an independent Scottish currency should take.

    It’ll be Fiat in any event, non-reserved so it’ll be traded globally and backed by oil.

     

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  • #1284
    What currency should independent Scotland have? 7
    Alan S
    Participant
    @scott4indy

    the question of currency is one that the unionists will always shout down, they do not want us leave the UK let alone believe that a new currency will be good for an independent Scotland. there are many reasons for Scotland to pursue its own currency, the least of those being the fact that we get to control our own interest rates and to allow its currency value to fluctuate.

    There is an interesting article here with more information….

    A New Scottish Currency could be disastrous for the rest of the UK

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  • #1291
    What currency should independent Scotland have? 8
    George Gemmell
    Participant
    @suntag

    Scotland should use the Scottish pound after independence It should be run parallel against the Euro Not against GBP as this will be worthless After independence of we tie in against the Euro The the European central bank Can be used as a blanket against an attack by the BOE against Scotland’s new currency

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  • #1292
    What currency should independent Scotland have? 9
    Laurence Marquis-Northcote
    Participant
    @laureenofscotts

    I agree with this, i.e., Scottish Pound + EURO, this will ease any transaction with Europe and facilitate visitors payments. Also no exchange rate.

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  • #1295
    What currency should independent Scotland have? 2
    Calum Carlyle
    Participant
    @calum

    Well i personally have never been hugely in favour of a European single currency for our country anyway, even if it works for some EU countries. This is because i see it as a vulnerability in the event of another financial economic meltdown like in 2008. I don’t think having a separate currency protects us from that, and i’d advocate that any Scottish currency should be as easy to trade in as possible (i don’t think exchange rates are a barrier to trade, and i agree that accepting the Euro on a day to day basis should be encouraged, perhaps by having banks openly accepting Euros as well as Scottish currency).

    I do, however, think it would be a risk to peg the Scottish currency to the pound, considering how that is performing and may perform after Brexit, and similarly to a lesser extent, adopting or pegging our currency to the Euro runs the risk of being pulled down along with it in the event of the Euro suddenly performing poorly for any reason.

    But the main think i think is that the potential Yesw voters which we have to convince will want to talk about this stuff, and they will want to know what currency Scotland would use and why that would be stable and profitable for them. The existing Yes voters are often motivated by social and ideological concerns, but the next wave of converts to Yes are those who see themselves as pragmatic, ie their primary concern is their own finances, and the strength of the economy in which they live.

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  • #1296
    What currency should independent Scotland have? 9
    Laurence Marquis-Northcote
    Participant
    @laureenofscotts

    It is true that to index the future Scottish currency to the UK Pound can be risky due to Brexit, the UK Pound may lose a lot…

    With reference to the Euro, I believe the Eurozone will strenghten in a while, in fact it is already very good. Also, I have seen already many shops in Scotland having stickers with GBP, EURO, CHF, $, etc.. which I think it is good.

    What is profitable for the population is a stable and strong government which will be follow by a worldwide recognition and that equals to a strong monetary policy!

     

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