Thread: The U.K and the E.U - In or out?

Originally Posted by PAG

Originally Posted by Begbie

Originally Posted by PAG

The constant referencing to Scotland keeping the pound fail to recognise that Scotland already has it's own pound. They print their own notes, and in the event of independence one assumes that Scotland would receive it's share of reserves on which to base it's value. Think US/Canadian dollar (or Australian/New Zealand etc).

Subsequent to independence, and after complying with current entry criteria to the EU, they would be obliged to adopt the Euro, again when their national finances met that further criteria.

Pretty sure none of that is actually correct.

I thought that you were Scots Begbie? Indpendence for Scotland has to mean they would receive a proportionate share of the UK's reserves (be it gold or anything else). How else could any currency they choose to use be supported).

Whilst the Scottish pound would likely be floated in the markets at the same level as the UK pound, then it would be subject to the same market influences and conditions as any other country.

The 3 main Scottish banks all issue their own notes (RBS, Bank of Scotland, and Clydesdale).

I'm fairly sure that it can still be a problem having Scottish notes accepted readily in England, except in those areas near the border.

Scottish pounds are not a separate currency.

By reserves do you mean gold? The U.K. Stopped using gold to guarantee it's currency a very long time ago.

Admittance to the Euro zone isn't automatic.

The big question is UK debt which has doubled since the Tories came to power. Would Scotland pick up a per capita proportion?

One a side note has the value of that debt dropped 10% in the last week due to devaluation of the currency. Perhaps Osbourne isn't the addled moron he presents himself as.