A currency union with an independent Scotland is 바카라 사이트˜not going to happen바카라 사이트™ says Chancellor
A currency union in the event of a vote for independence 바카라 사이트˜would not be in the interests of either the people of Scotland or the remaining UK바카라 사이트™, says Chancellor.
A currency union in the event of a vote for independence 바카라 사이트˜would not be in the interests of either the people of Scotland or the remaining UK바카라 사이트™ Chancellor of the Exchequer George Osborne said in a speech in Edinburgh today.
It follows official Treasury advice that in the event of independence they would not recommend a currency union to the 바카라 사이트 of the continuing UK.
The Chancellor has also published the advice he received from the Treasury Permanent Secretary on whether to join a currency union should Scotland become independent.
The Chancellor said:
I hope passionately that the people of Scotland choose to stay within our family of nations in the United Kingdom. I want Scotland to keep the pound and the economic security that it brings.
But it is clear to me I could not as Chancellor recommend that we could share the pound with an independent Scotland.
The evidence shows it wouldn바카라 사이트™t work. It would cost jobs and cost money and wouldn바카라 사이트™t provide economic security for Scotland or for the rest of the UK.
I don바카라 사이트™t think any other Chancellor of the Exchequer would come to a different view.
The Scottish government says that if Scotland becomes independent there will be a currency union and Scotland will share the pound.
People need to know 바카라 사이트“ that is not going to happen.
The Treasury also today published the detailed analysis on the economics of a currency union which underpins its advice to the Chancellor.
The paper states that while the United Kingdom is one of the most successful monetary, fiscal and political unions in history, the fiscal and financial risks of entering into a currency union with a separate Scottish state would be too great.
The analysis states:
UK is a successful union because taxation, spending, monetary policy and financial stability policy are co-ordinated across the whole UK, with risks pooled and clear political accountability
- Scotland바카라 사이트™s economy would be more exposed in the event of independence, with greater risks from shocks in the financial and energy sectors
- in a currency union, the continuing UK would be exposed to much greater risk from a separate Scotland, with the possibility of continuing UK taxpayers being asked to support that state in the event of a fiscal or financial shock
- if people in Scotland vote for independence, the Treasury would advise the continuing UK 바카라 사이트 against entering into a currency union with an independent Scotland