Why would an independent Scotland expect a currency union with the UK?

[JapaneseMargaret]

I mean, I can see why they would, but doesn't that just totally undermine their desire for independence?

Am I missing something blindingly obvious...?

Scotland and England are an optimal currency area. This means the economies move pretty together in terms of economic cycles - they have a very porous borders for goods and services and labour and therefore it is in England's interest (as well as Scotland) to have a currency union with Scotland, particularly the north of England.

Also, please remember the pound is the currency of the United Kingdom - so Scotland is just as entitled to keep it as England... huh

RE RBS was Vince cable talking bollocks.

www.thecourier.co.uk/news/scotland/rbs-would-adapt-to-independence-1.218497

No, it was a comment made by a manager to a team working there. That's what I was talking about anyway...

Although, said manager could have been reciting Vince bollocks. Who knows.

Sorry to miss all this - just waking up. All very interesting and enlightening.

Also, please remember the pound is the currency of the United Kingdom - so Scotland is just as entitled to keep it as England... huh

This is a joke, right...?!

If Scotland wasn't such a massive drag on England's economy

Scotland contributes more to Westminster than it receives back...

flatpack I am an evil Sassenach. :o From the Tory Utopia that is Surrey. Stick that in your corporatist pipe and smoke it.

The Evening Harold shares its scary outlook for an independent Scotland.

Also, I don't have any whinging handout basket cases anywhere near me, so it's definitely not 'full' of them.

The highlands are also vair empty...not a whinger for miles and miles...

Independence is not devo-max.

Scotland can keep a Scottish pound, but like the rest of UK would have to back its independent currency for itself. If Scotland decides not to play interns of sharing debts, it also won't get a share of assets. And that might make it difficult to back a new currency adequately.

What I dont get is why don't the Tories (and other unionists) say why they want to keep Scotland part of the UK?? Is it really because they like haggis and deep fried mars bars or is it because they need the revenue generated by Scotland??

All I ever hear from them is that we have to keep the union together.......not why Scotland shouldnt leave??

If Scotland decides not to play interns of sharing debts, it also won't get a share of assets

That, of course, cuts both ways.

And that might make it difficult to back a new currency adequately

Although, of course, Scotland has a plethora of natural resources, as well as assets that are unlikely to go anywhere.

All I ever hear from them is that we have to keep the union together.......not why Scotland shouldnt leave

A lot of the commentators have noticed this. If they put forth a thoughtful and positive case for the Union then maybe the undecideds would be moving towards No rather than Yes

And if Scotland was such a drain on the rest of the UK, surely they would glad to see the back of it?! It's not like the Tories/Lib Dem have an electorate in Scotland that they have to keep sweet??

Although, of course, Scotland has a plethora of natural resources, as well as assets that are unlikely to go anywhere.

Resources mean fuck all without the money to exploit them. There are hundreds of countries with excellent resources. Scotland is not that unique.

All I ever hear from them is that we have to keep the union together.......not why Scotland shouldnt leave??

It's naturally much harder to be the 'negative' side in a debate, plus many of Westminster's politicians are in a sort of quandary because they will not be able to vote in the referendum themselves. I agree that the Better Campaign is lacking.

Resources mean fuck all without the money to exploit them. There are hundreds of countries with excellent resources. Scotland is not that unique

Of course Scotland is not unique. That is why there are so many other examples of successful small countries with similar demographics.

I can't see the oil companies pulling out of the North Sea, or people suddenly stopping buying fish...

"Although, of course, Scotland has a plethora of natural resources, as well as assets that are unlikely to go anywhere."

Is that going to be sufficient? I can see why it could be, but also why, in markets as they actually exist, natural resources aren't a synonym for economic success or stability.

And of course, if pro-independence lobby as a plan B based on the, perhaps they'll unveil it soon. There's not that long to go.

They don't have to be the 'negative' side of the debate.

They could be 'positve' about why Scotland should not leave the union? Ie Scotland contribute xxxxxx which is why we want them to stay????

That is why there are so many other examples of successful small countries with similar demographics. I can't see the oil companies pulling out of the North Sea, or people suddenly stopping buying fish...

These countries don't have the same political or economic history as an independent Scotland would. No debt, no assets, and a horrendous international reputation. The interest rates on any loans would be utterly crippling.

It won't happen overnight, you are right, but there has to be massive investment to keep them growing and flourishing. This is the problem.

They could be 'positive' about why Scotland should not leave the union? Ie Scotland contribute xxxxxx which is why we want them to stay????

The nationalists use Scottish contribution figures to support independence, so they can't use that argument.

Scottish people actually already get more spent on them than any other region in the UK. Highlighting this won't do them much good in the rUK.

On top of this, with Holyrood's devolved powers, there's really not much Westminster can promise.

I'm not talking only about contributions re figures/money.....I'm talking about what Scotland 'contribute' culturally, historically,socially etc?? Why doubt they say anything about this???

I dunno, I suppose the culture argument can only do so much. I know I am a much more analytical person who would not be swayed by that!

But surely if one side is advocating that Scotland should stay should part of the UK they should set out the reasons why? It's not all about the numbers. Sure, that's a big part, but if they want us to be 'one nation' they should be recognising what Scotland contributes in a positive way.......or is the 'no' campaign really about not wanting to lose revenue???

I suppose that's what David Cameron did the other day- did you see his speech in the Olympic Stadium?

Yes.

But I think it's a little, too late. And soooo not genuine. And no doubt, DC won't want his legacy to be "the PM who was in charge when the union disintegrated"......

And I suspect there are a few in his party who think the independence debate is unworthy.

Ha ha, DC's speech was hilarious, my twitter was full of rUK saying, "Run, run like the wind!" So that worked...