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Invitation to Bank of England Governor to address monetary policy concerns

June 1, 2012 11:15 AM
Originally published by Scottish Liberal Democrats

Willie Rennie MSP, Leader of the Scottish Liberal Democrats, has written to the Governor of the Bank of England Mervyn King inviting him to come to the Scottish Parliament to provide answers to questions surrounding monetary policy in an independent Scotland.

The Deputy First Minister claimed in a BBC television debate that an independent Scotland would have representation on the Monetary Policy Committee and the First Minister repeated that claim yesterday during question time saying it was "entirely reasonable."

However, Treasury officials have dismissed that claim stating that Scotland would have no influence over monetary policy set by the Bank of England.

In the absence of answers from the SNP Government that has made no attempts to clarify the situation with the Bank of England, Mr Rennie wants the Bank of England to provide the answers that the Scottish people need.

Commenting, Mr Rennie said:

"The SNP Government has made some wild assertions in the last week over the financial control that Scotland would have if we split from the UK.

"At this stage of the debate, assertions are just not good enough.

"Scots will be shocked that the SNP has made no attempt to get answers from the Bank of England. As the SNP's lender of last resort, a dialogue with the Bank is the very least we expect from a party that wants to end the stable and successful partnership between the nations of the UK.

"In the absence of answers from the SNP, we should try to get them straight from the horse's mouth.

"That is why I have invited Mervyn King to come to Scotland to explain what, if any, influence an independent Scotland would have over monetary policy.

"In tough economic times, taking a step in the dark and hoping for the best is not the act of a competent government."