The Scots should vote to stay as part of the union – it’s the option that makes the most sense.
The problem with Alex Salmond’s proposal is he has overlooked all the elements of the plan which are tricky or awkward.
So while he’s happy to do a Braveheart and stoke up the patriotic fervor among nationalists, things start to go awry when you look at the practicalities.
For example, he’s keen to get his hands on all of Scotland’s tax and revenue, but when it comes to currency he wants to stay part of the union and remain with the Sterling.
Surely you are either in or you are out? It’s very difficult for countries to have independent spending and interest rate goals and a shared currency. Just look at the mess Europe got itself into with the Euro and the wealthy member states such as Germany having to bail out Greece and Ireland.
Given London politicians have vetoed a shared currency, an independent Scotland would have to come up with an option other than the Sterling.
And even the Euro, with all its shortcomings, may not be a realistic option.
Brussels has made it clear that Scotland would not automatically gain entry to the EU. It would have to apply and meet all the bureaucratic requirements, which knowing the way Europe works is bound to take some time. What would happen in the interim?
You also have to wonder what impact a change in currency would have on business. Polls suggest about a third of Scottish firms may relocate if the result of the referendum is for independence.
It’s difficult to know whether this figure is accurate or not – all sides of the debate are quoting polls and figures to suit their argument – but the reality is firms don’t like unnecessary change and do everything they can to avoid it.
As always, like it or not, the September 18 referendum will come down to money, doesn’t it always? And in a financial sense making the change to independence doesn’t really make sense.
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