OK. This currency issue is getting out of hand. The proposal for a currency union has been put forward by Alex Salmond because it is in the best interest of Scotland AND the rUK. Why? 1. Any other option will result in transaction costs estimated to be £500 million per year for Scottish and English businesses. 2. Lack of currency union will result in the Scottish GDP being removed from the UKs balance of payments. The consequence of this will be a close to £40 Billion black hole in the UKs GDP resulting in higher bowwowing rates for the UK. 3. Avoiding a negotiated currency union will mean that Scotland has no requirement to take on any part of the £1.3 Trillion debt. Scotland will use the pound unilaterally and Darling, Osborne et al cant do anything about. 4. They say we will lack a central bank and a lender of last resort. Scotlands currency will backed up by the enormous wealth we have. Borrowing may not even be required as our GDP will increase almost overnight. The billions we will save via No Trident, No HS2 or HS3, No London Crossrail, No Cross Pennines railway, No 800 Lords to pay the expenses of, No 650 rip off merchants in the Commons to pay for and No more subsidising the Treasury as we have done for the last 33 years.
Posted on: Wed, 06 Aug 2014 18:48:25 +0000
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