Currency creates crisis – the Better Together meltdown after Guardian leak

A few facts -

QUESTION: What is the “optimal currency arrangement" for Scotland and the rest of the UK (rUK)?

Murdo Fraser put this question to five experts on 12th March. They disagreed on the answer. This on the same day that the Treasury Committee was grilling Mark Carney, Governor of the Bank of England and doing their level best – unsuccessfully - to bounce him out of his neutrality and objectivity on the the shape of a currency union after a YES vote, and on Scotland’s independence, as re-confirmed and re-asserted to Stewart Hosie MP.

UK’s answer is “The present arrangement is the best. Stay with the UK and keep the present arrangement – vote No!”

Scottish Government’s answer is “We like many aspects of the present arrangement but we don’t like a host of other aspects of UK – let’s keep the best of the present currency arrangement, improve it - and vote YES to Scotland’s independence!”

Currency: Scotland’s currency after independence will be the pound sterling, either in a currency union with rUK (99% probability) or under sterlingisation - i.e. we will carry on using the pound as a tradable currency and peg it on a fixed rate to sterling.

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