Alex Salmond – Scotland could reject currency union with the rest of the UK
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At the time of the Scottish independence referendum in 2014 a currency union was on the table. Given the drastic shifts that have taken place within the world of politics a new position has been offered by Alex Salmond.
The question of currency always appeared to be central to the question of Scottish independence. It was always posited by the SNP, in their White Paper, that a currency union with the rest of the UK would be in both countries best interests. However times have changed and the politics of both countries are diverging to such an extent that a currency union seems less likely than ever before.
In today’s Financial Times it has been highlighted that the rejection of second Scottish independence referendum, by Theresa May, and her affiliation with the DUP have created more distance and heightened political division. Not only that, but May’s dictatorial stance became hypocritical when she called a snap General Election.
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Salmond claims that the current position of the Prime Minister will fuel the drive for independence. May’s position not to allow a referendum on independence, until after Brexit deals have been finalised in 2019, will strengthen the drive for independence (FT, 2017)
The likelihood is that Scotland would set up an entirely new currency which would be primed and ready to trade with the world. It is unlikely that Scotland would join the Euro and a currency union with the rest of the UK is rapidly fading into the distance. It’s clear that the political chasm between Scotland and rUK is widening dramatically as each day passes.
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