Kind of pleased this morning to hear FTs banking podcast mention the issue of Scottish banknotes, something Ive only heard myself mention in the last 6 months. Although a sideshow relative to the main debate it does illustrate some of the issues. Would an independence vote lead to them instantly being refused south of the border? Basic supply/demand economics would suggest less demand means lower price. That would be unacceptable to many, but how is it handled and who pays for that? If Scotland decides to use sterling without monetary union then do they withdraw them or privatise the money supply? So many questions, so few plans!
Posted on: Tue, 09 Sep 2014 14:24:30 +0000
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