24 April 2013

Independence and Keeping the Pound: Good for North-East


Robert the Bruce on a
Clydesdale Bank £20 note
Scotland will retain the pound, and Scottish banknotes – underpinned by the 2009 Banking Act (click for details) – will remain in place within a post-independence currency union in Scotland.

Local SNP MSP Stewart Stevenson said:

“A Yes vote in the referendum in 2014 means the best of both worlds with independence and Sterling working for households, businesses and everyone in Banffshire.

“It will allow freedom for Scotland to develop our own taxation and spending policies to boost growth and address inequality. At present, the Scottish Parliament controls just 7 per cent of Scotland’s revenue base, and that would only increase to 15 per cent under the terms of the Scotland Act.

“With independence, Scotland will control 100 per cent of our revenues, which is what it needs to be to build a stronger economy and fairer society.

“The combination – which only comes with independence – of keeping the pound, accessing Scotland’s abundant resources and taking decisions on tax and other economic policies that are right for Scotland, is the best way to boost jobs in Banffshire and growth throughout Scotland.

“Scotland’s finances are consistently stronger than the UK’s, generating more revenue per head than the rest of the UK in each one of the past 30 years, and Scotland has had a lower fiscal deficit than the UK over the past five years.

“With the additional economic levers that independence will provide, and the up-to-£1.5 trillion asset base provided by Scotland’s oil and gas reserves, an independent Scotland will stand on a strong financial footing.

“Indeed, the latest economic indicators show that Scotland’s economy is steadily strengthening, despite the dreadful policies of George Osborne which bring pain and misery to the people of Banffshire.”

Endorsements for SNP policy on retaining Sterling by James Scott, formerly Executive Director of Scottish Financial Enterprise and Professor David Blanchflower of Dartmouth College at and Professor Joseph Stiglitz: "only independence will let Scots tackle income divide" at

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