As the London media tries to play catch up on the independence issue, we are starting to see many of the old hoary issues resurrected.
One, of course, is currency. What currency would an independent Scotland use?
Scotland already has a currency – its called the pound, aka sterling, aka £. On independence day that will remain our currency.
Lets be clear, the London government doesn’t have exclusive ownership. It is as much our currency as it is the rest of the UK’s. Any suggestion that a Tory government in London will have to give us permission to use sterling is just absurd. Decisions on sterling’s future use will not be for London to take unilaterally, they will be for Scotland and the rest of the UK to take together.
And what about the Bank of England, aka the UK’s central bank? Some might argue that because a Scot created it, we should take ownership after independence… but that wouldn’t be fair!
The UK’s central bank is something Scotland and the rest of the UK own together – we must not forget that. This means the rest of the UK does not have exclusive rights to the institution, or an exclusive say on its future. The Bank of England was a private company nationalised after the Second World War. Scotland will be entitled to its share of this asset and, as ‘part-owner’, Scotland will be entitled to representation (something we don’t have just now).
An independent Scotland doesn’t start from scratch. We already have everything we need (or a share of everything we need). We are entitled to a fair and equitable share of the assets and are responsible for a fair and equitable share of the liabilities we have built up together.
What we won’t have a claim to is those assets that nature has bestowed on the rest of the UK. The coal under Yorkshire or Wales was not put there by the Union. Scotland has no claim to it. And the Union didn’t put oil and gas under Scottish waters, so, quite simply, the rest of the UK has no claim to that.