FabSwingers.com forum: Scotland and the pound

By (user no longer on site) OP
over a year ago

Personally as an Englishman in England it won't make much difference to me....other than less of my taxes supporting freebies over the border. Don't expect my taxes would drop tho.

There is one point that all the politicos seem to be missing.

Will they or can they keep the pound? All the arguments so far seem to be "we won't let you, I gonna take my ball home" style, typical political nonsense.

The real point as I see it is that Scotland voting yes cannot possibly keep the pound AND be independent.

Interest rates are set in London by the Bank of ENGLAND. that simply means Scotland will NOT be independent if they keep the pound.

Suppose Berlin set our interest rates....it's basically the same thing!

So MR Salmond.....what currency WILL you use?

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By (user no longer on site)
over a year ago

The pound. This isn't even an issue and its heart-breaking it gets so much air time.

If there is no currency union, the rUK take on all of the debt. There is no way Westminster will allow that to happen.

The currency issue is nothing more than a scare story from Bitter Together who are struggling to promote a positive reason for the people of Scotand to vote no.

The positive Yes campaign will win.

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By *illwill69uMan
over a year ago

moston

Its not that simple, remember the ERM and Black Wednesday, its the same situation again only difference is it will be Scotland that will be raided...

For those who cant or prefer not to remember Black Wednesday go read the full extent of the attack on the ERM in 1992 look at the list of countries that got taken apart because they decided to fix their currencies to one another and remember we (as in the EU) had the second or possibly the largest combined economy in the world but because of currency pegging (with scope for a little movement) we got taken by the carpet baggers. If Scotland insist on fixing their currency to the £ there will be no flexibility in movement and they will be even more exposed and I can guarantee that the Yank sharks will have a feeding frenzy.

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By *illwill69uMan
over a year ago

moston

"The pound. This isn't even an issue and its heart-breaking it gets so much air time.

If there is no currency union, the rUK take on all of the debt. There is no way Westminster will allow that to happen.

The currency issue is nothing more than a scare story from Bitter Together who are struggling to promote a positive reason for the people of Scotand to vote no.

The positive Yes campaign will win. "

We take all the debt, we take all the assists, and all the military kit and caboodle.

Many would think that a fair swap.

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By *illwill69uMan
over a year ago

moston

"The pound. This isn't even an issue and its heart-breaking it gets so much air time.

If there is no currency union, the rUK take on all of the debt. There is no way Westminster will allow that to happen.

The currency issue is nothing more than a scare story from Bitter Together who are struggling to promote a positive reason for the people of Scotand to vote no.

The positive Yes campaign will win. "

By the way I agree with you about the result of the vote, and your reasoning.

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By (user no longer on site)
over a year ago

We should get a referendum on a currency union. I think most people are opposed to it south of the border. We didn't want the Euro and I for one don't want a currency union with a foreign country for all the same reasons.

The debt they'd be taking is minuscule anyway, if it's calculated by % population.

I'm sure they will continue to use the pound though, but as Panama do.

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By *U1966Man
over a year ago

Devon

If they decide to leave its without the Pound and with their share of the debt

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By *etitesaraTV/TS
over a year ago

rochdale

The debt issue is somewhat misleading, the debt cannot actually be split so the UK govt has already guaranteed the debt in the event of a Yes vote.

Scotland can choose to either honour her portion of the debt by a series of payments to the UK or refuse to pay. As in Independent Scotland would not be legally liable (the debt is that of the UK) she could indeed do that.

However, the UK would simply refuse an amount of assets to that figure, so it would cost Scotland to replace those assets from her own purse.

The real danger to Scotland would be from the money markets. If iScotland decides not to pay then the markets will see that as a technical default and Scotland will start Independence with a terrible credit rating, making the raising of essential funds rather painful.

Scotland in reality has few options, the UK holds most of the cards (assets) and should she try to bluff about the debt it may well blow up in Scotland's face.

Either way, the debt will continue to be serviced by the UK.

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By *illwill69uMan
over a year ago

moston

"The debt issue is somewhat misleading, the debt cannot actually be split so the UK govt has already guaranteed the debt in the event of a Yes vote.

However, the UK would simply refuse an amount of assets to that figure, so it would cost Scotland to replace those assets from her own purse.

Scotland in reality has few options, the UK holds most of the cards (assets) and should she try to bluff about the debt it may well blow up in Scotland's face.

Either way, the debt will continue to be serviced by the UK."

don't you think that if Scotland decide to fix there pound to the £ Sterling that that act in its self will trigger the US financial sharks to embark on a a similar feeding frenzy as the one we saw that ended in Black Wednesday and the failure of the ERM in 1992?

Personally I believe it is because of how much that cost every country of the EU that has caused all the absolute refusal of any sort of monetary union.

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By *icked weaselCouple
over a year ago

Near Edinburgh..

They will simply keep the "Scottish~Pound"

im quite sure they invented it !!!

But anyway - The Scottish pound is already worth more in some foreign exchange places than the English pound..

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By *irtyGirlWoman
over a year ago

Edinburgh

*kills self*

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By *my-blackTV/TS
over a year ago

Poole

If Scotland keeps the "pound" and its currency is tied to sterling then they will not be independent

their economic policy will be controlled by the bank of england and westminster policy makers.

personally I can see nothing but damage to the scottish economy if they become independent which is such a shame - however if its something the scottish people want as a matter of national pride etc then i wish them all the best.

it will all end in tears and much wailing and gnashing of teeth i tell ye.

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By (user no longer on site)
over a year ago

"Personally as an Englishman in England it won't make much difference to me....other than less of my taxes supporting freebies over the border. Don't expect my taxes would drop tho.

There is one point that all the politicos seem to be missing.

Will they or can they keep the pound? All the arguments so far seem to be "we won't let you, I gonna take my ball home" style, typical political nonsense.

The real point as I see it is that Scotland voting yes cannot possibly keep the pound AND be independent.

Interest rates are set in London by the Bank of ENGLAND. that simply means Scotland will NOT be independent if they keep the pound.

Suppose Berlin set our interest rates....it's basically the same thing!

So MR Salmond.....what currency WILL you use?"

They can keep the pound and be independent. Half of Europe share a currency and are still independent states. The issue though would be England setting interest rates and providing currency as it would have to be that way to stop mad printing and deflating the value the £. Why you get is a Sooty and Corbet situation which is good for neither state.

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By *abioMan
over a year ago

Newcastle and Gateshead

"The pound. This isn't even an issue and its heart-breaking it gets so much air time.

If there is no currency union, the rUK take on all of the debt. There is no way Westminster will allow that to happen.

that threat won't happen because if they tried that the rUK would veto scotland joining the EU.... Oh and they would immediately be in "default" status......

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By *etitesaraTV/TS
over a year ago

rochdale

"They will simply keep the "Scottish~Pound"

im quite sure they invented it !!!

But anyway - The Scottish pound is already worth more in some foreign exchange places than the English pound..

If that's the case, then why is Salmond so insistent that Scotland will get the Currency Union he is so desperately banging on about?

After all, its only a couple of years ago he was proclaiming that the Pound was an Albatross around Scotland's neck & that come Independence Scotland would become a Celtic Tiger in the eurozone...

The answer of course is that the 'Scottish Pound' only exists in its current form because it is backed up by the Bank of England.

Post-Independence that back up will not exist, so how do you propose a Scottish Pound will be backed up if you have no central bank and no lender of last resort?

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By (user no longer on site)
over a year ago

If they do vote YES, let the Jock's keep the pound.

It's about time we moved onto Kilos.

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By (user no longer on site)
over a year ago

FFS , Again??!!!

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By *opinovMan
over a year ago

Point Nemo, Cumbria

One work: Krone

No need for the pound, no need for rUK and no need for the EU... it really is very simple.

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By *icked weaselCouple
over a year ago

Near Edinburgh..

Do the Current English Paper Notes Have Pound-Sterling written on them ??

Does the Scottish Ones ??

One of them has stopped !!!

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By *etitesaraTV/TS
over a year ago

rochdale

Which proves what exactly? Pound Sterling is the official currency banknote of the UK, remind me which region will be leaving the UK and its official currency?

Call the Scottish currency what you like, it doesn't matter a damn as it won't be tied to the UK currency. If Scotland wishes to use Pound Sterling without Currency Union she can, but the UK will be under no obligation to even supply enough banknotes to keep Scotland's economy moving let alone consider how interest rates etc will affect Scotland.

So, this central bank you believe you don't need...

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By *icked weaselCouple
over a year ago

Near Edinburgh..

"The UK will be under no obligation to even supply enough banknotes to keep Scotland's economy moving let alone consider how interest rates etc will affect Scotland.

So, this central bank you believe you don't need..."

The Notes that are Printed in Wales !! ok..

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By (user no longer on site)
over a year ago

"Do the Current English Paper Notes Have Pound-Sterling written on them ??

Does the Scottish Ones ??

One of them has stopped !!!

For every £20 Scottish note you do realise that the Scottish bank that printed them has to deposit the equivalent in BoE Stirling. It does make you question if its worth it and what a Scottish £20 is worth.

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By *aucy3Couple
over a year ago

glasgow

We're not sharing the dept,

We're keeping the pound.

Soon we'll living in a dept free,

Pound Laden Scottish utopia.

Within ten years,the whole of Europe will be begging to join,

the new united States of Scotland.

Within 15 years,the whole world will be united under the majestic Scottish saltire, singing flower of Scotland with pride in their hearts.

Scotlands destiny fulfilled,

rulers of planet earth,

Just as the scriptures had foretold.

So get it right up yeas.

Fingers crossed there's enough,

See you jimmy wigs to go round.

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By *icked weaselCouple
over a year ago

Near Edinburgh..

"We're not sharing the dept,

We're keeping the pound.

Soon we'll living in a dept free,

Pound Laden Scottish utopia.

Within ten years,the whole of Europe will be begging to join,

the new united States of Scotland.

Within 15 years,the whole world will be united under the majestic Scottish saltire, singing flower of Scotland with pride in their hearts.

Scotlands destiny fulfilled,

rulers of planet earth,

Just as the scriptures had foretold.

So get it right up yeas.

Fingers crossed there's enough,

See you jimmy wigs to go round.

If you had mentioned FREE Gargoyles

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By *aucy3Couple
over a year ago

glasgow

"We're not sharing the dept,

We're keeping the pound.

Soon we'll living in a dept free,

Pound Laden Scottish utopia.

Within ten years,the whole of Europe will be begging to join,

the new united States of Scotland.

Within 15 years,the whole world will be united under the majestic Scottish saltire, singing flower of Scotland with pride in their hearts.

Scotlands destiny fulfilled,

rulers of planet earth,

Just as the scriptures had foretold.

So get it right up yeas.

Fingers crossed there's enough,

See you jimmy wigs to go round.

If you had mentioned FREE Gargoyles

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By (user no longer on site)
over a year ago

"We're not sharing the dept,

We're keeping the pound.

Soon we'll living in a dept free,

Pound Laden Scottish utopia.

Within ten years,the whole of Europe will be begging to join,

the new united States of Scotland.

Within 15 years,the whole world will be united under the majestic Scottish saltire, singing flower of Scotland with pride in their hearts.

Scotlands destiny fulfilled,

rulers of planet earth,

Just as the scriptures had foretold.

So get it right up yeas.

Fingers crossed there's enough,

See you jimmy wigs to go round.

"
Ya s are fucked... you have not even got a central bank!!,It will be funny if it is yes and we watch you all crying as you lose your houses as interest rates up there go up at treble the rate of England

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By (user no longer on site) OP
over a year ago

"The pound. This isn't even an issue and its heart-breaking it gets so much air time.

If there is no currency union, the rUK take on all of the debt. There is no way Westminster will allow that to happen.

The currency issue is nothing more than a scare story from Bitter Together who are struggling to promote a positive reason for the people of Scotand to vote no.

The positive Yes campaign will win. "

My point is that Scotland cannot be independent if the interest rates and monetary policies are set in London. That is NOT independence (I have no axe to grind for voting either way).

As for not taking on share of debt....the international money markets would then shun Scotland. Are they going to fund themselves from Wonga.com?

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By (user no longer on site)
over a year ago

If they do vote YES, let the Jock's keep the pound.

It's about time we moved onto Kilos. "

And this is why we wanna be independent

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By (user no longer on site)
over a year ago

"The pound. This isn't even an issue and its heart-breaking it gets so much air time.

If there is no currency union, the rUK take on all of the debt. There is no way Westminster will allow that to happen.

The currency issue is nothing more than a scare story from Bitter Together who are struggling to promote a positive reason for the people of Scotand to vote no.

The positive Yes campaign will win.

My point is that Scotland cannot be independent if the interest rates and monetary policies are set in London. That is NOT independence (I have no axe to grind for voting either way).

As for not taking on share of debt....the international money markets would then shun Scotland. Are they going to fund themselves from Wonga.com?"
They cannot and will not get sterling so they will have to cobble together thier own central bank and come up with a new currency which will depreciate at 10 percent on the international money markets and will leave mortgage owners in Scotland completely fucked check out IHS GLOBAL INSIGHT

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By (user no longer on site) OP
over a year ago

"Personally as an Englishman in England it won't make much difference to me....other than less of my taxes supporting freebies over the border. Don't expect my taxes would drop tho.

There is one point that all the politicos seem to be missing.

Will they or can they keep the pound? All the arguments so far seem to be "we won't let you, I gonna take my ball home" style, typical political nonsense.

The real point as I see it is that Scotland voting yes cannot possibly keep the pound AND be independent.

Interest rates are set in London by the Bank of ENGLAND. that simply means Scotland will NOT be independent if they keep the pound.

Suppose Berlin set our interest rates....it's basically the same thing!

So MR Salmond.....what currency WILL you use?

On what planet are half of Europe independent? They are all tied to the same interest rates...which suits Germany fine...but is crippling the likes of Spain, Italy, Portugal and Greece because they have different economies. They are none of them independent as they owe their asses to Merkel.

Tying currencies (remember the ERM) is a disaster....

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By (user no longer on site)
over a year ago

If they do vote YES, let the Jock's keep the pound.

It's about time we moved onto Kilos.

And this is why we wanna be independent

"
300 years ago you were independent and your leaders sold you out ...its not fiction,when your not English hating your all hating each other lol

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By (user no longer on site)
over a year ago

"Personally as an Englishman in England it won't make much difference to me....other than less of my taxes supporting freebies over the border. Don't expect my taxes would drop tho.

There is one point that all the politicos seem to be missing.

Will they or can they keep the pound? All the arguments so far seem to be "we won't let you, I gonna take my ball home" style, typical political nonsense.

The real point as I see it is that Scotland voting yes cannot possibly keep the pound AND be independent.

Interest rates are set in London by the Bank of ENGLAND. that simply means Scotland will NOT be independent if they keep the pound.

Suppose Berlin set our interest rates....it's basically the same thing!

So MR Salmond.....what currency WILL you use?

Tying currencies (remember the ERM) is a disaster...."

Hey they are independent states! I didn't say they were happy

No control of your own economy can be painful though.

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By *yrdwomanWoman
over a year ago

Putting the 'cum' in Eboracum

If they do vote YES, let the Jock's keep the pound.

It's about time we moved onto Kilos.

And this is why we wanna be independent

Because Canis made a joke? Seems a bit harsh.

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By (user no longer on site)
over a year ago

This all reminds me of the white rabbits in the pet shop. The activists come and liberate them and what happens to the rabbits?

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By *aucy3Couple
over a year ago

glasgow

"We're not sharing the dept,

We're keeping the pound.

Soon we'll living in a dept free,

Pound Laden Scottish utopia.

Within ten years,the whole of Europe will be begging to join,

the new united States of Scotland.

Within 15 years,the whole world will be united under the majestic Scottish saltire, singing flower of Scotland with pride in their hearts.

Scotlands destiny fulfilled,

rulers of planet earth,

Just as the scriptures had foretold.

So get it right up yeas.

Fingers crossed there's enough,

See you jimmy wigs to go round.

Ya s are fucked... you have not even got a central bank!!,It will be funny if it is yes and we watch you all crying as you lose your houses as interest rates up there go up at treble the rate of England

If you don't take that back,

Your not getting a,

see you jimmy wig.

Now be warned young man.

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By (user no longer on site)
over a year ago

I think most people overlook that this whole thing is gonna be a long winded process. Yes they'll have the pound in the short term because a currency union is in the rest of the UK's best interests. Then they will figure out a way forward towards some other kind of currency that they have better control over. It's really as simple as that imo

I have felt for a while that it's gonna be difficult for a Scott to go into a booth, look at a piece of paper asking them if they want independence or not, and put a cross next to the no box. I think they'll vote yes... and good on em

Only trouble is they'll sail off and create themselves a nice left wing enlightened country whilst the rest of the UK gets taken over by ukip and the tories Aggghhhhh

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By *xpresMan
over a year ago

Elland

Nope once they are gone Thats it put the fences up passport control on the roads let's see what state they are In , in 15/20 years time. As an Englishman with jock parents and jock family who stil live over the border all who are voting against the split I find it funny that the ones voting for the split can't see Scotland on its knees in the very near future

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By *nnyMan
over a year ago

Glasgow

Bank branches in Scotland are holding more cash in anticipation of increased withdrawals over the next few weeks.

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By *opinovMan
over a year ago

Point Nemo, Cumbria

"Bank branches in Scotland are holding more cash in anticipation of increased withdrawals over the next few weeks."

Because they anticipate a humongous party perhaps?

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By (user no longer on site)
over a year ago

We can solve a problem here. Scotland vote yes and the scottish nationalist Utopia is born with free university, free presciptions, free child care, bigger pensions and lower priced petrol. Ho hum.

We open the floodgates in Calais but with a twist. We hand out leaflets in Dover about the socialist Utopia that exists north of the border where life is much better than in England that is now burdened with extra debt and no north sea oil.

Problem solved. We could even put a toll on the M6 at Carlisle and charge people to use it.

Every cloud has a silver lining. (by the way this is a satirical post. I don't really want the scots to go their own way but there isn't a lot I can do about it is there. We'll just have to make the best of it.

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By (user no longer on site)
over a year ago

We can solve a problem here. Scotland vote yes and the scottish nationalist Utopia is born with free university, free presciptions, free child care, bigger pensions and lower priced petrol. Ho hum.

Problem solved. We could even put a toll on the M6 at Carlisle and charge people to use it.

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By *illwill69uMan
over a year ago

moston

"I think most people overlook that this whole thing is gonna be a long winded process. Yes they'll have the pound in the short term because a currency union is in the rest of the UK's best interests. Then they will figure out a way forward towards some other kind of currency that they have better control over. It's really as simple as that imo

Only trouble is they'll sail off and create themselves a nice left wing enlightened country whilst the rest of the UK gets taken over by ukip and the tories Aggghhhhh

I agree most people think that if its is a yes vote that the divorce case and settlement is going to be a long and probably bitter fight over who gets the nicknacks and dodahs.

But I would not be suprised if we find that it will be a quickie divorce and that it will all be done and dusted for a hauling down of the Union Flag in Edinburgh at the setting of the sun the night before we go to the polls in the rUK next May.

And for those who think this will not happen remember that it is in the Tories political interest to do this quick because it removes some 60/70 non Tory seats from Westminster and that is an automatic 11/12% default swing to the Tories, and I'm betting that Dave and George are betting on Scottish independence in the same way Maggie used the Falklands to gain a second term in office.

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By *nnyMan
over a year ago

Glasgow

The Governor of the Bank of England says it again.

Mark Carney was asked about the effect of independence on Alex Salmond’s plans to share sterling in a formal currency union during a question and answer session at the TUC Congress in Liverpool today.

The governor suggested that an independent Scotland would fail to meet the criteria of a successful currency union, as he said a proper union would require free trade, banking union, and a fiscal backstop.

Mr Carney said that “You only need to look across the channel to see what happens if you don’t have all of those components in place” as he highlighted the crisis-ridden Eurozone.

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