Labour admit no currency union is going to cost English businesses and tax payers hundreds of millions. Under pressure, Ed Miliband has admitted that if he does not agree to a currency union then businesses in the rest of the UK would have to pay higher costs to do business with Scotland. “Mr Miliband would have to say to the rest of the UK, ‘look we are going to put a barrier up between Scotland for your trade, which would increase the cost of business in the rest of the UK by £500 million or more.’ “He’d also have to say ‘we’re going to undermine Sterling by rejecting the contribution made by oil and gas and whisky into a Sterling area, “And he’d have to say ‘we’re also going to absolve the Scots of a £120 billion share of the UK debt, which translates into an annual cost of £5 billion a year simply because we won’t agree to a currency union.’ “This demonstrates how ridiculous the position of the No campaign is – and demonstrates exactly why there will be a currency union.
Posted on: Sat, 09 Aug 2014 08:04:23 +0000
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