Don’t put London bankers in charge of Scotland’s independence

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I have an article with the above title on CommonSpace - the blog of the CommonWeal think tank in Scotland this morning.

It's not fair to reproduce the whole article here: this was my introduction:

I read Derek Mackay’s article about Scotland’s future currency in The National on Saturday with interest. What Mackay had to say was predictable given the suggestions made by the Growth Commission. But I also have to suggest it is wrong. More than that, I think it dangerous for an independent Scotland, where only an independent currency from day one will deliver the promise of true independence.

And this my conclusion:

I would have thought Mackay would be frustrated enough with the absurd constraints he has to live with now. But to use sterling would make his life nigh on impossible. Why then does he want to go down that route? I wish I knew. Economically it makes no sense. The political economy of it is disastrous. It would tear the SNP apart after independence. And it would guarantee a crisis-strewn start for the new nation as it failed to deliver on any promise and all its potential.

If Scotland wants to be free it has to have its own currency. Nothing less will do.

And in between I point out why the current SNP plan to use sterling in Scotland after independence delivers just what I suggest in the title - rule of Scotland by London bankers.  It's hard to imagine a worse outcome, barring rule by London's politicians I suspect.