Should the Scotland vote worry anyone ?

[mike.]

So, post independence, will there be a Scottish dollar IPO ? If George sorros decides to short it big time like he did with the pound , who will prop it up ? Not the BoE that's for sure. Mr sorros may become the new owner of Scotland, interesting times indeed.

 

[tar]

So, post independence, will there be a Scottish dollar IPO ? If George sorros decides to short it big time like he did with the pound , who will prop it up ? Not the BoE that's for sure. Mr sorros may become the new owner of Scotland, interesting times indeed.

And will we be able to trade Scottish pound vs GBP ...

 

[Splitlink]

And will we be able to trade Scottish pound vs GBP ...

The shops will take them, I'm sure. As they do the Euro. They will be collected by the banks, returned to Scotànd in exchange for English pounds.

 

[tar]

The shops will take them, I'm sure. As they do the Euro. They will be collected by the banks, returned to Scotànd in exchange for English pounds.

Cant they have their own pound and float the exchange rate against the GBP ... ?

 

[Splitlink]

Cant they have their own pound and float the exchange rate against the GBP ... ?

I'm not sure how this works. If they produced too many of them it would devalue the UK money. This would be like the Euro. Every country produces its own. You can see that on each coin, but there has to be a degree of selfdiscipline between member states so that the overall value of the Euro stays stable.

Someone brighter than me will have to turn the light up a bit on this.

 

[0007]

Cant they have their own pound and float the exchange rate against the GBP ... ?

They would have to be able to create confidence on the markets for anybody to believe in the Scottish pound (we seem to have been able to do that with the sterling £ somehow, despite all our debt!). I suspect they would either have to do a deal with Osborne – who would acquiesce because he will be frightened of the prospects for the sterling £ otherwise. Or they could join the euro – plenty of other countries with hopelessly inadequate financial systems have already done so.


I think there's a load of scaremongering going on here by politicians who may be forced to face up to a complete administrative reorganisation and really would rather carry on as they are with a docile public who don't know/don't care what happens as long as they continue to get their benefits. Of course, Salmond and Farage have put the cat amongst the pigeons here.


There's nothing quite like the Establishment in a panic.

 

[Splitlink]

They would have to be able to create confidence on the markets for anybody to believe in the Scottish pound (we seem to have been able to do that with the sterling £ somehow, despite all our debt!). I suspect they would either have to do a deal with Osborne – who would acquiesce because he will be frightened of the prospects for the sterling £ otherwise. Or they could join the euro – plenty of other countries with hopelessly inadequate financial systems have already done so.


I think there's a load of scaremongering going on here by politicians who may be forced to face up to a complete administrative reorganisation and really would rather carry on as they are with a docile public who don't know/don't care what happens as long as they continue to get their benefits. Of course, Salmond and Farage have put the cat amongst the pigeons here.


There's nothing quite like the Establishment in a panic.

Except two establishments! The Scottish leaders don't know what they are getting into, either.

Neither do the Catalans!

 

[Trader333]

If the vote is yes then I am looking forward to the £17 Billion pound of tax cuts that the rest of the UK can expect as a result of us not having to fund a part of the current UK that spends that more than it takes in tax.

 

[0007]

If the vote is yes then I am looking forward to the £17 Billion pound of tax cuts that the rest of the UK can expect as a result of us not having to fund a part of the current UK that spends that more than it takes in tax.

Nice thought! But I bet they will find a black hole for it and us peasants will never see it.

 

[Splitlink]

If the vote is yes then I am looking forward to the £17 Billion pound of tax cuts that the rest of the UK can expect as a result of us not having to fund a part of the current UK that spends that more than it takes in tax.

It may not look as if you are going to get it. London might have been getting has much as 50 billion pounds in oil revenues (some say 30 billion). Even so, a lot of billions. If they don't get that it won't help the Treasury balance the books. In fact, it will make any deficit we have, already, quite serious.

 

[Splitlink]

As an afterthought. This oil is going to run out, sooner rather than later, so we might as well sort the problem out now, because the country has been living on it during the boom years and its a good job that we have had it during these last bad years, too.

No wonder Cameron, Clegg and Osbourne are missing Question Time in Commons today.

 

[mike.]

Was it not only last year that a oil refinery in grangemouth was threatened with closure as not being financially viable, I think the Scots are hoping to run the whole Scottish economy from the proceeds from the oil, there is very little else comes out of Scotland. Maybe Alex salmond needs to visit the baby pips section on risk management.

 

[Sonicscooter]

The only thing Scotland has contributed to Great Britain is Auld Lang Syne, so i guess we will have to find a new song for New Years........

 

[Trader333]

There are an ever increasing number if quite huge consequences one of which is this: If the vote is Yes then the EU has said that Scotland will not be classed as a member state (although the SNP dispute this but they wont have a say in it). So technically speaking all Scots working in the remaining UK and the whole of the EU will be classed as illegal immigrants as they will not have a visa to work here and as they are not part of the EU so no right to work there either.

It makes you wonder how this issue would be resolved as Spain has already said they will veto any attempt at membership of the EU by a newly independent Scotland.

 

[Pat Riley]

trader333's only slightly tongue in cheek post above makes an excellent meta-point; It hasn't been thought through. If the vote is YES (and I personally think that would be a better option for ALL concerned), it'll be like the LibDems getting a majority in parliament - they won't know what the heck to do with their new found 'freedoms' nor how to run their newly acquired, independent and self-standing country without any of the political or administrative infrastructure or experience necessary to carry out the simplest task. Be careful what you wish for voters of Scotland.

 

[Splitlink]

There are an ever increasing number if quite huge consequences one of which is this: If the vote is Yes then the EU has said that Scotland will not be classed as a member state (although the SNP dispute this but they wont have a say in it). So technically speaking all Scots working in the remaining UK and the whole of the EU will be classed as illegal immigrants as they will not have a visa to work here and as they are not part of the EU so no right to work there either.

It makes you wonder how this issue would be resolved as Spain has already said they will veto any attempt at membership of the EU by a newly independent Scotland.

I have not heard that, Paul. Wfo, in Spain, said it? I don't dispute it, however, because Spain will have a problem with Cataluña if it does not veto Scottish entry. As will any other European country that has similar regions. I'm thinking of Germany and Italy, in particular.

Spain, in fact, has eighteen autonomous regions so, if Cataluña leaves, others will start to think about it. I'm thinking of the Basque Country, in particular.

 

[postman]

Who believes the Spanish foreign minister anyway.

http://www.newsnetscotland.com/inde...that-spain-would-accept-scottish-independence

Google is your friend.

 

[tar]

Who believes the Spanish foreign minister anyway.

http://www.newsnetscotland.com/inde...that-spain-would-accept-scottish-independence

Google is your friend.

Old 2012

 

[Splitlink]

In any case, by the time Scotland, or Cataluña, get to the voting stage no one in government now can say whether they will be in government then. Let's face it, talk is cheap.

 

[be-positive]

latest poll http://barker.co.uk/scotlandpoll