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Independence and Keeping the Pound: Good for Glasgow

Sterling area will bring the best of both worlds for Glasgow Anniesland


Bill Kidd backs the Scottish Government's view that Scotland will retain the pound, and Scottish banknotes – underpinned by the 2009 Banking Act – will remain in place within a post-independence currency union in Scotland. 

 


Bill Kidd MSP for Glasgow Anniesland said:

“A Yes vote in the referendum in 2014 means the best of both worlds with independence and Sterling working for households and businesses from Broomhill to Drumchapel, Whiteinch to Yoker and Glasgow more widely.

“It will allow freedom for Scotland to develop our own taxation and spending policies to boost growth and address inequality. At present, the Scottish Parliament controls just 7 per cent of Scotland’s revenue base, and that would only increase to 15 per cent under the terms of the Scotland Act.

“With independence, Scotland will control 100 per cent of our revenues, which is what it needs to be to build a stronger economy and fairer society.

“The combination – which only comes with independence – of keeping the pound, accessing Scotland’s abundant resources and taking decisions on tax and other economic policies that are right for Scotland, is the best way to boost jobs in Anniesland and growth throughout Scotland.

“Scotland’s finances are consistently stronger than the UK’s, generating more revenue per head than the rest of the UK in each one of the past 30 years, and Scotland has had a lower fiscal deficit than the UK over the past five years.

“With the additional economic levers that independence will provide, and the up-to-£1.5 trillion asset base provided by Scotland’s oil and gas reserves, an independent Scotland will stand on a strong financial footing.

“The latest economic indicators show that Scotland’s economy is steadily strengthening, despite the dreadful policies of George Osborne which I know have only brought pain and misery to members of my constituency in Glasgow Anniesland.”

Members of the business community in Glasgow Anniesland agree.

 

Local businessman Gordon MacIntyre-Kemp said:

 

“I run a small social media consultancy and a slightly larger business network. I am also an economist, and have been amazed by all the misinformation in the press on the currency issue. When you strip away all the political shenanigans and scaremongering on currency, you arrive at an inescapable evidence based conclusion.

“An independent Scotland cannot be stopped from using the pound, nor could Scotland be forced to adopt the Euro (Denmark still uses the Krona). It is not within the power of partisan politicians to stop Scottish banks from producing Scottish banknotes. Surly we deserve more serious contributions from the Chancellor than unsubstantiated posturing?”

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