Wed 29 Jan, 2014

Responding to comments by the Governor of the Bank of England on the Scottish Government's proposed post-independence currency union, Scottish Greens continue to make the case for long-term preparations for an independent Scottish currency.

Governor Mark Carney says post-Yes negotiations "would need to consider carefully what the economics of currency unions suggest are the necessary foundations for a durable union".

Support for a Scottish currency has come from former SNP deputy leader Jim Sillars, former Labour MP Dennis Canavan, and the idea has been strongly suggested by leading economists such as Joseph Stiglitz and John Kay.

Patrick Harvie, Green MSP for Glasgow and Co-convener of the Scottish Greens, said:

"Mr Carney is right to highlight the need for careful consideration. There is no doubt that the hostile rhetoric of the UK government and anti-independence politicians will give way to pragmatic co-operation in the event of a Yes vote.

"I recognise that the SNP’s preference is for continued use of Sterling but given the likelihood of the Scottish and UK economies diverging we should stand ready to exert full economic independence using our own currency.

"Such a shift may not be immediate but the Scottish Government would do well to start preparing for that scenario."

 

Jim Sillars proposes creating a new Scottish currency (STV)

Yes chairman Canavan backs Scots currency (BBC)

Nobel prize-winner Professor Joseph Stiglitz says in the longer term, Scotland must adopt a more flexible approach (Scotsman)

Prof John Kay, visiting professor at the London School of Economics, says Scotland should be ready to adopt an independent currency (BBC)

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