To me it seems obvious: an independent nation has full fiscal autonomy.
A devolved country within a nation does not.
In my view, and the main reason why I voted No in September 2014, the SNP plan for “independent” Scotland – to be a country without its own central bank – was not independence at all: the only way I think our situation could now be worse would be if Yes had got the majority and we were now facing a situation where both monetary and ultimately fiscal policy would be set by George Osborne from rUK to iScotland.
If you have rose-coloured spectacles you may suppose that Osborne would naturally make decisions that would benefit and profit iScotland.
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?”
A No majority appears the most likely response on 18th September, and a very high turnout. Those are neutral facts.
Alex Salmond won last night’s debate – he was more skilled rhetorically, and has only one weak point that Alastair Darling can use. As Darling had used that weak point well in the previous debate, Salmond had evidently taken counsel with his speechwriters and devised several excellent rhetorical responses to Darling’s factual and accurate criticisms of the SNP’s plans. They both bellowed at each other a lot and I doubt if their shouting-across-each-other attitude convinced anyone. That’s my opinion.
As the audience interrogation exposed, Labour’s failure to oppose the Tory/LibDem destruction of the welfare system and privatisation of the NHS, was their worst weakness in trying to campaign for Better Together.
Why I’m voting No:
In less than four months, we’ll go to the polls to vote Yes or No to the question:
“Should Scotland be an independent country?”
And today, the campaign period for the referendum officially begins.
But as I pointed out a few weeks ago (and Simon Jenkins pointed out yesterday) the SNP are not offering independence: they want major decisions for Scotland’s governance to be made at Westminster/in London. (It’s all in the White Paper: haven’t you read it?)
When 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.)
I 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.
The currency debate is a pure waste of time.
The SNP’s line if Scotland votes Yes has for several years been that Scotland will continue to use rUK’s pound. This is a good campaign strategy as far as it goes, since it means people don’t have to think about the logistics of setting up a Mint in Scotland to produce our own coins and a national supply of banknotes: it means people don’t have to think about changing currencies if they go to England/Wales post-independence: it means people don’t have to think about monetary change as a symbol of the huge changes of independence.
So, good campaign strategy, but it’s a completely rubbish way of deciding on a currency for Scotland post-independence.
To counter this SNP campaign strategy, the UK government/Better Together campaign have announced they will not “permit” Scotland to make use of the pound post-independence, and to counter that… but never mind. The whole thing gets indescribably messy, with both sides grandstanding more and more, and the whole thing is an utter waste of time.