Tag Archives: Bank of England

A year ago today…

keep-calm-and-voteI voted No.

Am I sorry, ashamed, apologetic that I voted No?

Never in this life.

I don’t think anyone should feel apologetic or ashamed or sorry for how they voted in the referendum: we came together in the largest turnout since the 1950s, after two years of intense debate. Each of us voted, and. as agreed, we abide by the majority. Everyone who voted in the referendum voted rightly, whether it was Yes or No.

If I’d known on 18th September 2014 what I know now on 18th September 2015, would I have voted differently?
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Filed under Scottish Constitution, Scottish Politics

No, Scotland isn’t in a currency union

A currency union is when two states use the same currency.

The UK is a single state, that uses a single currency: the pound sterling.

James Meadway, who describes himself on his twitter profile as “Senior economist at The New Economics”, asserted on Twitter:

“You’re already *in* a currency union. Who in Scotland elects the Bank of England?”
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Filed under Economics, Politics, Scottish Politics

A better nation…?

Scotland's FutureWhen I published Leaning Towards No, I expected reaction from Yes voters who’d been hoping I would come down on their side of the fence.

I wasn’t expecting the reaction to be so supportive of the SNP. From the reactions, [hardly anyone]* who plans to vote Yes intends to challenge the SNP’s plans to install devomax “currency union” in place of our present devolved system, and while some actively support the plan, many simply don’t see changing the SNP’s policy as possible.

*Not quite “no one”, as I initially wrote.

It therefore seems likely that – much to my annoyance and disappointment – I really don’t have any choice but to vote No. I don’t support devomax. I never did. I won’t vote Yes to have devomax replace status-quo devolution, and that’s what the Scottish Government’s White Paper says is going to happen.

Let me go through the various objections I’ve received to this, beginning with the silliest. (None of these are direct quotes from anyone, so if you recognise yourself in them, it’s purely coincidental.)
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Filed under Currency, Indyref White Paper, Scottish Constitution, Scottish Politics

Leaning towards No

Scotland's FutureI am undecided between devolution and independence.

But I am leaning towards a No vote on 18th September, because the SNP are pushing currency union. And currency union is not independence. Currency union means that key decisions about the Scottish economy will be made by the Bank of England in the City of London.

The SNP are fond of asking, how many countries which have become independent have ever wanted to go back? But if they asked instead “How many countries which have given up control of their economy to a bank in another country have regretted this?” they’d get a much different answer. And that’s what the SNP are offering.
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Filed under Indyref White Paper, Oil, Scottish Politics

Does the SNP really want independence?

I know that sounds like a silly question.

Back a couple of years ago, one of the ideas being proposed about the referendum was that it should include a third option – devo-max or devo-plus. In July 2012 I noted the multiple reasons why – though undecided on the Yes/No question – I was against these options, and moved on: there seemed no reason to dwell on what was not going to be voted on.

Tom Gordon outlined the difference between the two, and who was supporting them, in the Herald:

Devo Max Devo Plus

Devo-plus was supported by LibDem Tavish Scott, Conservative MSP Alex Fergusson and Labour’s Duncan McNeil plus Reform Scotland, a think-tank based in Edinburgh that is, it says, independent of its parent think-tank Reform based in London:

devo plus could be a credible alternative to independence, if that option was rejected in the referendum.

Devo-max was floated as “full fiscal autonomy” and was supported primarily by the SNP:

Devo Max is intended to make Scotland more accountable for its spending. At present, Holyrood is responsible for 60% of all public spending in Scotland but has a say in setting and raising just 6% of it, through business rates and council tax.

Under Devo Max, Edinburgh would be responsible for raising, collecting, and administering the vast majority of taxes and benefits, and would receive a geographic share of North Sea oil revenue. EU rules mean VAT would stay the same across the UK, and financial regulation, employment, and competition law would also remain reserved.”

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Filed under Currency, Scottish Politics