5 reasons to keep the UK pound
22 May 2014 10:43 AM
The currency isn’t
just about the notes and coins in your pocket. Get the
facts.
Currency is one of the most
important issues in the independence debate. It affects the value of your
savings, your pensions and your mortgage, your ability to spend and save,
business and trade, your taxes and public services, and the stability of the
whole economy.
Find out more about the
Scottish Independence Referendum on GOV.UK
Here are 5 things you need to
know.
1. Risk and
cost
Currencies are most effective
when they belong to an integrated political, economic and fiscal union, like
the UK pound is now. When they are shared across states they create risks and
costs as we have seen with the euro.
2. Serving the
nation
The pound is one of the most
secure, stable and trusted currencies in the world, because it is backed by the
strength of the Bank of England and 31 million tax payers across the whole
UK.
3. Sharing the
pound
Creating a formal currency union
would be bad for the continuing UK and bad for an independent Scotland. It
would cost jobs and cost money. All 3 main UK parties have ruled it
out.
4. Independence means leaving
the pound
There is no rule in
international law that would require the continuing UK to share its currency
with an independent Scottish state. Independence means leaving the UK’s
monetary union and leaving the UK pound. This is part of the choice that people
in Scotland are being asked to make.
5. Keeping the
pound
The Scottish government are
proposing to divorce the rest of the UK but want to keep the joint bank account
and credit card. This is not going to happen. The only way to keep the UK pound
is to stay part of the UK.
Want more info? Take a look at
the following documents: