Scottish currency

Posted on December 4 2020

There are two straightforward reasons for sharing this tweet here.

The first is to promote the Scottish Currency Group, to which I am an adviser.

The second is to promote the Common Weal podcast on Scottish currency linked through it. Common Weal is always worth listening to, but I am biased as I have worked with it as well.

I am unapologetic for making the plugs.

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3 Responses

  1. Contrary says:
    December 5 2020 at 4:11 pm

    Really good podcast, primarily because it clearly sets out how we can have our own currency in broad terms, and explains why sterlingisation and the Growth Commission is such a rubbish idea. It’s good to address too some of why the new currency policy doesn’t appear to be, even though it is, SNP policy.

    I liked hearing some of Tim Rideout’s background – it shows he’s not just a politician or just an economist, but has a real life day-job at the same time as being very (over-??) qualified to describe and answer questions on economics. And I love maps! It’s always fascinating to reflect on the ‘purpose’ of a map; what the cartographer’s focus was while constructing it. The classic example being, of course, the size and position of the British Isles on any world map – it really is the centre of the world and its huge! Unless it’s a world map made in Poland of course. I like world maps that note things like ‘there be monsters’ best though.

    The podcast also brought up EU membership – personally I think EU membership is something to debate and decide on after independence (or during transition probably), it would seem prudent to join a trade bloc and the EU might be the easiest for us (being familiar with it), but I think some consideration needs to be given to exact terms and conditions, and so we should not sign up in haste, and we can’t negotiate until we have declared independence. For some reason there is still much confusion about the currency debate and EU membership – and here it was clearly said – you MUST have your own currency before you can join the EU. We would not even have the choice to join if we kept using sterling.

    What wasn’t discussed was joining the Euro (or was it so short, I just missed it 😉 ) – I’m not sure why people still keep bringing it up, and I suppose a few people might be keen on joining the euro (I’d say a minority though), but, again, that only becomes a choice after we’ve had our own currency for several years. Anyway, it’s good to not get sidetracked talking about how rubbish using the euro would be, when it isn’t even a choice to make in the near future, let alone the myth about being ‘forced’ to use it.

    Keep up the hard work, Tim! You are doing a sterling job 🙂