SNP Welcomes Common Sense on Currency

Welcoming Bank of England Governor's speech on currency today, SNP MSP Kenneth Gibson, who convenes the Scottish Parliament Finance Committee, said:

"The Governor of the Bank of England has made it perfectly clear that he will implement what is agreed between the Scottish and Westminster governments, should we achieve a Yes vote in September - underling that a sterling area between an independent Scotland and the rest of the UK is entirely achievable. Or, to quote Alistair Darling, the head of the No campaign, a currency union between the two independent countries is 'desirable' and 'logical'.

"It is time for the UK Government to accept that common sense position - which is also backed by 71 per cent of people in the rest of the UK.

"The UK Government has already accepted the common sense position on Westminster's debt, and in light of the Governor's speech there is no reason - other than trying to spread uncertainty on behalf of the No campaign - not to take the same sensible approach in relation to currency. Presumably they would wish Scotland to pay its share of the UK's debt in pounds, after all.

"Under devolution, Scotland controls just 7 per cent of our tax revenues. The difference a Yes vote for independence makes is that we control 100 per cent of our nation's abundant resources, so that we can implement economic and social policies which reflect our needs and priorities - such as on childcare, North Sea revenues, corporate tax, air passenger duty, pensions and benefits.

"Very many successful and fully independent countries share a currency in the 21st century, including France, Austria and the Netherlands - and a sterling area would be in the overwhelming interests of the rest of the UK as well as an independent Scotland."