By Mark E. Saunders of “The Scottish Minuteman” https://www.facebook.com/profile.php/?id=61575625542197

“Great question from Claire Baker” they said.

Really?

I think there’s a pretty big hole in Claire’s question or at least in the argument that follows it.

Apparently, in Bakernomics, using the pound sterling in an independent Scotland means having “zero control over” our currency.

Hold the presses!

What control does Scotland, its Parliament, its MSPs or its MPs have over the currency we use TODAY?

None.

Westminster controls monetary policy. The Bank of England sets interest rates. The UK controls the currency, the exchange rate and the issuing of money. These are reserved matters.

So telling us that an independent Scotland wouldn’t control those things while initially using sterling isn’t actually an argument against independence, is it Claire?

You’re just describing the position Scotland is already in.

If I’m barking up the wrong tree, perhaps someone can explain to me what Scottish control over Bank of England interest rates Scots are enjoying today that independence would take away from us?

I’ll wait.
…

Okay. I’ve waited long enough.

The SNP proposal is pretty straightforward to be honest. Use the existing currency (GBP) while Scotland builds the institutions and conditions needed to introduce its own.

That’s not a “currency conundrum”.

That’s a policy choice.

And here’s the funny bit.

I think most clear-minded folk would agree that one of the central questions of the independence argument is this:

Should the decisions affecting Scotland continue to be made elsewhere, or should Scotland eventually have the power to make them for itself?

Apparently, having no control over our currency while we’re in the Union is perfectly acceptable.

But choosing to use that same currency temporarily while preparing to have control over our own apparently creates a “conundrum”.

Yeah, Righto!

Great question, Claire — especially when you actually take the old grey matter for a little stroll down Reality Road.

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