Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Independent Scotland to have own currency when 'time right' - Sturgeon

Independent Scotland to have own currency when 'time right' - Sturgeon

An independent Scotland would keep the pound and move to its own currency when the "time is right".

Nicola Sturgeon outlined the view at a briefing giving updated arguments for what could happen if the country voted for independence.

The first minister said a timetable for creating a Scottish currency would not be set, however, use of sterling would be as "short as practicable".

The UK government has said now is not the time to discuss independence.

A Scottish government paper has set out proposals for key issues, such as currency, trade and border crossings.

The prospectus, which was unveiled at a media briefing in Edinburgh, included details on how an independent Scotland would apply to become a member of the European Union.

It also outlined a redesign of the energy market and a migration policy to boost the working population.

At the Bute House briefing, Ms Sturgeon said a Scottish pound would be created after independence only "when the time is right".

This is in keeping with proposals made in 2018 by the SNP's Sustainable Growth Commission, which said six key tests would have to be passed before the country transitioned away from sterling. That move was forecast to take about a decade.

The "Building a new Scotland" paper cuts the number of tests to three with no prediction on the length of time it would take to fulfil them. The first minister said it would not be "responsible" to give a firm commitment on a timetable.

In the prospectus, an independent Scottish central bank would be created, along with a debt management office and a significantly strengthened Scottish Fiscal Commission to replicate the work of the UK Office for Budget Responsibility.

An independent Scotland would look to join the EU; remain within the Common Travel Area with the UK and Ireland and join the EU's Schengen free movement area.

Ms Sturgeon explains: "That means any talk of passports to visit relatives in England is utter nonsense. Free movement of people across our islands will continue as before.

"An independent Scotland will also be gaining free movement across 27 other countries."

The independence prospectus says there would be some checks on goods at the Scottish border


The prospectus says there would be physical border checks on goods on the two main trunk routes between England and Scotland, while similar measures at rail freight terminals would be likely.

Ms Sturgeon said: "None of this, none of this is insurmountable, but it does require proper planning."

She went on to address the issue of an independent Scotland taking on UK debt.

The first minister explained that while there was no "legal" requirement to do so, Holyrood has a "moral" responsibility.

Ms Sturgeon told the press conference: "In light of that, and indeed our desire for a strong future partnership between Scottish and UK governments, we would seek a fair settlement on both debt and assets."

She also said that an independent Scotland could realise its "vast renewable energy potential" and "kickstart the inclusive growth" via the proposed Building a New Scotland Fund, a pot of up to £20bn generated through oil industry revenues.

"Without independence, Scotland will face austerity, trade barriers and "narrowed horizons as a result of Brexit," Ms Sturgeon said. "All of it exacerbated by increasingly dysfunctional Westminster decision-making."

Scottish Conservative leader Douglas Ross said the paper "illustrates just how thin the economic case for independence is".

He added: "The SNP are trying to sell Scotland a pig in a poke. It's completely the wrong priority at the worst possible time for Scotland.

"Nicola Sturgeon should be using government resources to help struggling families instead of to push for another divisive and unwanted referendum."

Meanwhile, Scottish Labour called on the SNP to be honest about its proposals.

The party's finance spokesman Daniel Johnson said: "The SNP need to drop the spin and come clean with people about the catastrophic reality of their economic plans.

"Despite wasting 15 years in government peddling the same old agenda, they still can't answer even the most basic questions."

Scottish Liberal Democrats leader Alex Cole-Hamilton branded the plan a "recipe for years of chaos".

He accused Ms Sturgeon of making "the same pie-in-the-sky promises as the Brexiteers, threatening to cut Scotland off from its biggest trading partner".

"She refused to admit her proposals would leave Scotland outside both the UK and the EU for an untold number of years," he added.

"Nor can she tell the public how Scotland would build up the necessary foreign currency reserves for her plans to ditch the pound."

A UK government spokesman said: "People in Scotland want their governments to be focused on the issues that matter to them - growing our economy, ensuring our energy security, tackling the cost of living and supporting our friends in Ukraine against Russian aggression.

"This is simply not the time to be talking about another independence referendum."

The spokesman added that Scotland benefited from being part of a wider union, through initiatives like the Covid furlough scheme or the energy support package which has limited bill increases this winter.


'Indisputable mandate'


The paper is the third in a series, published as part of the Scottish government's plans to hold a referendum on 19 October next year.

In June Ms Sturgeon unveiled what she called a "refreshed" case for independence and said her government had an "indisputable mandate" for a second referendum.

The following month she launched a second paper which argued independence was the only way to end the "starker than ever" democratic deficit in Scotland.

The UK Supreme Court, which heard two days of submissions last week, is considering if Holyrood has the legal powers to press ahead with a referendum without consent from the UK government.

Scotland's lord advocate argued that such a vote would be advisory, and therefore would not have a legal effect on the Union.

The UK government argues the case is plainly about the constitution which is reserved to Westminster and holding a referendum is therefore beyond the powers of the Scottish Parliament.


FM Nicola Sturgeon said Scotland would continue to use the pound sterling while the Scottish pound is introduced in a "careful and responsible phased approach".

'They're asking for a yes or no answer to really complex question'


AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
×