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More questions and concerns over currency

February 2, 2012 2:56 PM
Originally published by Scottish Liberal Democrats

Following John Swinney's comments on an independent Scotland's future currency, Scottish Liberal Democrat President and former Treasury spokesman, Malcolm Bruce MP said:

Malcolm Bruce MPMalcolm Bruce MP"In his attempt to shed light over the Scottish Government's plans for an independent Scotland's future currency, John Swinney has inevitably raised more questions and with it concern.

"By rejecting the Euro in the mid- to- long term, Mr Swinney does not acknowledge that adopting the Euro may well be condition set in return for Scotland's EU membership.

"In opting for Sterling, he states that he would enter into a 'dialogue' with the Bank of England about his spending plans before asserting that no conditions will be attached, which is frankly absurd.

"The truth is that by acknowledging that the Bank of England would act as a bank of last resort, the Scottish Government would have no choice but to accept the conditions of the Bank. Is this anyone's idea of true independence?"

"The reality is that independence is a complicated and protracted process in which the Scottish Government will have little or no control on the details that will determine it."