Not letting the Scots have the pound

[somerset]

But as they're currently part of the UK surely they currently own a bit of the pound? Can't they take their bit with them? The could maybe call it a Bitcoin? Might catch on?

If they jump ship they leave the economic jurisdiction of the Bank of England....which issues the Pound...in that situation they can use monopoly money as far as I am concerned.......

 

[happypig]

If you're married, you (usually) have a joint bank account. You put in and take out different amounts according to your individual and joint needs. You also have debts, such as a mortgage which you are jointly liable for.
If one of you then divorces the other, the debts and assets are split, each of you taking on a portion of that debt. If you are the biggest wage earner, then it would be madness to keep the joint bank account.
Independence means just that, going it alone and to hell with the consequences.

 

[The Truth]

What will this mean for Iron-bru and Super Tennants?

 

[Garry Nelson's Left Foot]

The legalities are the same as any debt. The person who borrowed the money (ie the government in Westminster) has to pay it back.

If we could all pass our debts on to our next door neighbours, I imagine that there'd be big, big trouble.

Being a financially responsible sort of person I obviously have no experience of debt or the legal details thereof. That said, it doesn't seem right that they can wrack up a debt as country A, then decide they want out, become country B and start with a blank sheet. That,as I sad earlier, just seems like the political version of going into admin. Are Scotland essentially trying to be Palace?

Also, if it is the case that you can leave country A and start again as country B, what would happen if all four constituent parts of the U.K decided they wanted out. The U.k would cease to exist..what about its debts? Who, if anyone, would get them?

 

[Hamilton]

But as they're currently part of the UK surely they currently own a bit of the pound? Can't they take their bit with them? The could maybe call it a Bitcoin? Might catch on?

They can have all the 2p and 1p pieces. They are such a faff!

 

[Hamilton]

What will this mean for Iron-bru and Super Tennants?

Repackaged, they will become world craft ales.

 

[hybrid_x]

They can't really be independent, as the BoE is waiting, and ECB is waiting if they fall through that net.

 

[lifer]

Yep, the Euro is the natural way for them to go.

Why the debate...they already have a currency, with their banks issuing the monopoly notes for it. All they have to do is call it a Scottish pound - job done.

If they want then to tie their exchange rate it to Sterling (as once we did with the US$), that's fine too - wouldn't impact on Sterling.

But the Euro may not be an immediate option, anyway. Previous opinion from Brussels indicated that a new country would be required to apply for membership of their club.

 

[seagullsovergrimsby]

The Canadians use dollars and cents , so why can't the Scots have pounds and pence ?

 

[Notters]

But as they're currently part of the UK surely they currently own a bit of the pound? Can't they take their bit with them? The could maybe call it a Bitcoin? Might catch on?

Or they could just use bitcoins...

 

[nicko31]

Think this is the day Salmond's bluff was called big time. Refusing to take share of UK in debt in return is totally irresponsible, massive own goal. Now get back to your Deep Fired Pizza..

 

[ferring seagull]

I wonder if independence will have any bearing on scots getting high profile jobs in England, e.g. Adam Crozier who has been top exec at the English FA, Royal Mail and now ITV.

Wont make a blind bit of difference, Companies and Institutions will always seek out the most able executives, eg Bank of England governor is a Canadian. By the way, interestingly, the Bank of England was founded by William Smith - a Scotsman !

 

[DavidinSouthampton]

No it isnt. It is the ruling UK government - and the other major part(ies) - facing up to THEIR realism, which is obviously different from the Scottish Nationalists realism.

If Scottish independence were to happen - which I don't think it will, but if it does, then so be it - why should what is left of the UK allow the newly independent Scotland to keep the pound when any poor performance from the Scottish government, or spending plans from them which are unrealistic, would affect the international status of the pound.

And why would the Scots want to retain the pound unless they do not think they have the strength to cut it by themselves on the international stage.

I am not being anti-Scottish or anything like that. I just don't see the point of independence in this case unless it includes running an entirely independent economy. If they retain the pound, surely they will still have to look to Westminster to a greater or lesser extent.

This is a genuine question, and if there are any economists around who can enlighten me........

 

[DavidinSouthampton]

The Canadians use dollars and cents , so why can't the Scots have pounds and pence ?

The Scots could have pounds and pence, but they would have to be Scottish pounds and pence, just as the Canadian Dollar is not the same currency as the US Dollar.

 

[goldstone rocks]

The Scots could have pounds and pence, but they would have to be Scottish pounds and pence, just as the Canadian Dollar is not the same currency as the US Dollar.

I still say that England used to have the groat, why can't Scotland now have their version called the Scroat!

Also it is odd why the two lead Scottish Nationalists are fish- Salmon and Sturgeon. Maybe their Treasurer will be Mr C Bass.

Sun Headline "C Bass caught by his scroat"

 

[Buckley's Mad Eye]

Sod 'em. They add nothing.

 

[somerset]

But the Euro may not be an immediate option, anyway. Previous opinion from Brussels indicated that a new country would be required to apply for membership of their club.

There is massive entry criteria they would have to satisfy before they are allowed to join the eurozone,.... plus the populace are wary of the unstable euro, see Ireland, Portugal, Spain, Greece......... it would NOT help the pro independence cause one bit,...... SNP are currently floundering around looking for a theme that will invoke the braveheart spirit of blind ignorance to push the voters in their direction.

 

[somerset]

The Scots could have pounds and pence, but they would have to be Scottish pounds and pence, just as the Canadian Dollar is not the same currency as the US Dollar.

But to have your own currency, you need your own reserves, your own independent economy,..... Scotland has none of this in place,.... they would need to work hard to get it sorted by 2016,....... thats not a long time in global economic terms.

 

[Seecider]

What the Scots should be worrying about is that is there is a close vote, but is no to independence, Salmond will call foul, immediately start banging the drum again and the uncertainly will cripple the Scottish economy and we probably will start to see the big financial institutions Standard Life etc starting to move south.

 

[Tubby Mondays]

Not really 'bullying' though is it?, just pointing out some facts. It's a bit like NSC where if someone posts something stupid and a lot of other users point out that it IS stupid the original poster will claim that they're being 'bullied'.

I wasnt accusing them of bullying I was merely trying to clear up the confusion that had arisen around whether the UK could bully scotland given that it was part of the Uk, by point out that if any bullying was being done, it was by the UK government and not the UK as a whole.

With the benefit of hindsight I should have put the word bullying in inverted commas, so as not to add to the confusion that I was trying to assist in clearing up.