Jump to content
House Price Crash Forum

Archived

This topic is now archived and is closed to further replies.

SHERWICK

Scotland - Oh Dearie, Dearie Me

Recommended Posts

What currency are they going to have? £ Sterling? (:blink: ) Euro? (:rolleyes: ) or their own one based on the haggis (:lol: ).

What a farce.

It's interesting..

English pound.. effectively handing over economic sovereignty to the English - or leaving it there but now having no political say. Ask Portugal, Greece, Spain, Ireland et. al. how much fun that can be.

New Scottish currency.. could work, but there could be some nasty side effects. Perhaps a decade or so of an overvalued currency due to oil exports causing problems for local industry.. followed by collapse.

Euro.. Swapping the English for the Germans.

Be even more fun when they get RBS and HBOS (and their balance sheets) as going-away presents.

Share this post


Link to post
Share on other sites

It's interesting..

English pound.. effectively handing over economic sovereignty to the English - or leaving it there but now having no political say. Ask Portugal, Greece, Spain, Ireland et. al. how much fun that can be.

New Scottish currency.. could work, but there could be some nasty side effects. Perhaps a decade or so of an overvalued currency due to oil exports causing problems for local industry.. followed by collapse.

Euro.. Swapping the English for the Germans.

Be even more fun when they get RBS and HBOS (and their balance sheets) as going-away presents.

Wasn't another bit of Salmond's nonsense that for some reason only known to his over-fevered imagination none of that would be Scotland's problem?

Share this post


Link to post
Share on other sites

Wasn't another bit of Salmond's nonsense that for some reason only known to his over-fevered imagination none of that would be Scotland's problem?

Yes, he wants full independence, but also wants to use the pound. Presumably because the specter of changing currency and/or adopting the Euro might scare people away from the independence vote. The funny thing is that whereas Scotland complains about being an occupied/foreign governed country now, they should wait till they are using someone else's currency.

Share this post


Link to post
Share on other sites

It's interesting..

English pound.. effectively handing over economic sovereignty to the English - or leaving it there but now having no political say. Ask Portugal, Greece, Spain, Ireland et. al. how much fun that can be.

New Scottish currency.. could work, but there could be some nasty side effects. Perhaps a decade or so of an overvalued currency due to oil exports causing problems for local industry.. followed by collapse.

Euro.. Swapping the English for the Germans.

Be even more fun when they get RBS and HBOS (and their balance sheets) as going-away presents.

..and take back that big Christmas pressie of some years ago, North Sea oil?

Share this post


Link to post
Share on other sites

..and take back that big Christmas pressie of some years ago, North Sea oil?

I thought that was the underpinning of Scottish independence? Its oor oil! Well that and their tremendous finanacial sector. :lol:

Edit, of course, the Scots never used any North Sea natural gas did they?

Share this post


Link to post
Share on other sites

Yes, he wants full independence, but also wants to use the pound. Presumably because the specter of changing currency and/or adopting the Euro might scare people away from the independence vote. The funny thing is that whereas Scotland complains about being an occupied/foreign governed country now, they should wait till they are using someone else's currency.

It is not about the paper, it is what backs it? We already have Scottish notes, which I remember years ago sometimes used to get refused in pubs/clubs/shops in England (don`t know if it was legal to do that or no?) I assume the Scottish notes would be backed by a printing press, much like UK notes are now. You can see the fear when Gidiot interviews about this, the "born to rule" brigade don`t like large chunks of their dominion breaking away? For what it`s worth, I don`t think they will get a Yes vote, too many like the Queen and the UK pound and all the other pish. It might even go badly paps up if they did?

Share this post


Link to post
Share on other sites

I thought that was the underpinning of Scottish independence? Its oor oil! Well that and their tremendous finanacial sector. :lol:

Edit, of course, the Scots never used any North Sea natural gas did they?

Swinney, Salmond and co, seem to think it is a major underpinning of UK balance of payments, and Osbourne no likey to talk about this in interviews. That is a major clue there, although I`m not sure I want to trust the SNP with running the country.

Share this post


Link to post
Share on other sites

It is not about the paper, it is what backs it? We already have Scottish notes, which I remember years ago sometimes used to get refused in pubs/clubs/shops in England (don`t know if it was legal to do that or no?) I assume the Scottish notes would be backed by a printing press, much like UK notes are now. You can see the fear when Gidiot interviews about this, the "born to rule" brigade don`t like large chunks of their dominion breaking away? For what it`s worth, I don`t think they will get a Yes vote, too many like the Queen and the UK pound and all the other pish. It might even go badly paps up if they did?

I think that's why the Nationalists tend to gloss over any serious issues, like EU membership, the currency, who gets to prop up the banks, the presence of border controls, etc.. in a kind of 'It'll be just like now but nicer' way.

Personally I'm more worried that it'll leave England even more London-centric than it is now, unless we redraw the England-Scotland border along the line of the M25, or make the case for the independence of Wessex

Share this post


Link to post
Share on other sites

I think that's why the Nationalists tend to gloss over any serious issues, like EU membership, the currency, who gets to prop up the banks, the presence of border controls, etc.. in a kind of 'It'll be just like now but nicer' way.

Personally I'm more worried that it'll leave England even more London-centric than it is now, unless we redraw the England-Scotland border along the line of the M25, or make the case for the independence of Wessex

Yep, what scares me is the thought that if they got a Yes, and although they are saying they are commited to being in the UK pound, they might start thinking about joining the euro as a threat or an option. I am praying that the Euro is showing obvious signs of breaking up before this independence vote, or we could end up tied to the stern of the Titanic as it heads down. I seriously doubt they will get a Yes, and I am sure the main campaign style from the SNP will be more Braveheart than informed discussion. In a way they are like the top tier in Europe, they want it so bad they are blind to the downsides.

Share this post


Link to post
Share on other sites

Yep, what scares me is the thought that if they got a Yes, and although they are saying they are commited to being in the UK pound, they might start thinking about joining the euro as a threat or an option. I am praying that the Euro is showing obvious signs of breaking up before this independence vote, or we could end up tied to the stern of the Titanic as it heads down. I seriously doubt they will get a Yes, and I am sure the main campaign style from the SNP will be more Braveheart than informed discussion. In a way they are like the top tier in Europe, they want it so bad they are blind to the downsides.

There is part of me that wants to see Scotland go independent just to see what happens, and just to see the SNP having to govern without being able to blame Westminister for everything. At the moment they have the easiest job in politics - they can dish out whatever money they have, and if anyone complains they have a perfect excuse.

Share this post


Link to post
Share on other sites

Since (IIRC my history) Scotland entered into the Union when they bankrupt themselves with a disastrous colonial expedition does England have any claim to saying that they'll have to take back that if they leave again (suitably adjusted for interest, of course)... Doubt it, but it might be fun to try to rattle some of the nationalists with.

Share this post


Link to post
Share on other sites

There is part of me that wants to see Scotland go independent just to see what happens, and just to see the SNP having to govern without being able to blame Westminister for everything. At the moment they have the easiest job in politics - they can dish out whatever money they have, and if anyone complains they have a perfect excuse.

Yes, I like the set up at the moment, devolution puts a brake on London`s decision making power, but London can still put a brake on Scotlands spending power (Or should that be Squandering power? You only have to look at the fiasco of the Scottish parliament or the Edinburgh tram lines, to name but two, to see that they can`t be trusted with the purse strings, they would bankrupt the country within a year with vanity projects) This deadly embrace is perfect for neutering politicians, which of course is why the Scottish lot want to break it, and have more power for themselves.

Share this post


Link to post
Share on other sites

Alistair Darling has been saying this for a couple of years

Mr Darling issued a stark warning that Scotland would have no “control” over its own currency if under independence the country was allowed to retain sterling.

...

He said: “Panama uses the dollar, which is obviously the American currency. The difficulty is, though, if Scotland was using the pound in the same circumstances, its interest rates would be fixed by the governor of a bank in what would then be a foreign country.

“It seems to me to be an absolutely ludicrous position to get yourself into, where you have a currency and you don’t actually control monetary policy. Or you could join the euro which I think Alex Salmond knows is as toxic in Scotland as it is in the rest of the United Kingdom.”

http://www.scotsman.com/the-scotsman/politics/keeping-the-pound-would-be-ludicrous-says-darling-1-2058679

Try asking the Greeks how much they have enjoyed letting Germany control their economy

Share this post


Link to post
Share on other sites

It would be a brave new world.... Interesting times indeed.

Quick question to all. Do you think the UK finances will be in a better or worse state by 2016?

Share this post


Link to post
Share on other sites

It would be a brave new world.... Interesting times indeed.

Quick question to all. Do you think the UK finances will be in a better or worse state by 2016?

Much much worse.

On the Scotland topic, isn`t there a legal loophole where they can just print up Scottish banknotes, and back it with the Scottish economy and of course, printing press? It seems like the quibble is over the right to use the word "pound" or is that too simplistic? Would the bond markets see a seperate Scotland very differently to a united Britain?

Share this post


Link to post
Share on other sites

It would be a brave new world.... Interesting times indeed.

Quick question to all. Do you think the UK finances will be in a better or worse state by 2016?

:lol:

Share this post


Link to post
Share on other sites

Much much worse.

On the Scotland topic, isn`t there a legal loophole where they can just print up Scottish banknotes, and back it with the Scottish economy and of course, printing press? It seems like the quibble is over the right to use the word "pound" or is that too simplistic? Would the bond markets see a seperate Scotland very differently to a united Britain?

it's inevitable that the bond markets will be very nervous of a new currency, and I would imagine that is why Salmond is keen to tie us to the Euro, in the first case, and now the GBP. Strangely, he can see the writing on the wall for the Euro, but not for the pound?

Is it realistic to hope that a new currency, backed by admittedly low (on a global scale) levels of oil production, is viable?

To be honest, I don't have enough background knowledge to make that call. What I have managed to decide (with, amongst others sources, the help of some posters on this forum) is that the GBP is toast. We're better off out of it.

With regard to the national debt. As Salmond has said, if we take our pro-rata share of that debt, how are we worse off?

Share this post


Link to post
Share on other sites

Much much worse.

On the Scotland topic, isn`t there a legal loophole where they can just print up Scottish banknotes, and back it with the Scottish economy and of course, printing press?

Sure they could create a Scottish pound, but then people will need to visit a foreign exchange every time they travel between Scotland to England. Companies selling to the UK would need to quote an english and a scottish price.

With the population of Scotland only being 5 million odd, this could be a lot of hassle. e.g. imagine a medium sized firm with 50 odd outlets of which only 5 are in Scotland. Faced with having to run sales and accounts in 2 currencies, pay salaries and expenses in 2 currencies etc - they might just say stuff it and close the Scottish branches.

Also if the currencies drift too far apart you would get a situation like that in northern ireland where lots of people cross the border to shop or work.

Share this post


Link to post
Share on other sites

What does it matter? Scotland already has its own notes.

The design may be Scottish but the notes are for the same currency as UK Sterling.

A real 'Scottish Dollar' or whatever they call it would be something completely separate with its own exchange rate.

Share this post


Link to post
Share on other sites

Sure they could create a Scottish pound, but then people will need to visit a foreign exchange every time they travel between Scotland to England. Companies selling to the UK would need to quote an english and a scottish price.

With the population of Scotland only being 5 million odd, this could be a lot of hassle. e.g. imagine a medium sized firm with 50 odd outlets of which only 5 are in Scotland. Faced with having to run sales and accounts in 2 currencies, pay salaries and expenses in 2 currencies etc - they might just say stuff it and close the Scottish branches.

Also if the currencies drift too far apart you would get a situation like that in northern ireland where lots of people cross the border to shop or work.

And just imagine cross-border businesses having to deal with all the different taxes! Different Corporate tax. Different income taxes. Different NI, Different VAT.

It's a bureaucrat's nightmare dream come true!

:D

Share this post


Link to post
Share on other sites

And just imagine cross-border businesses having to deal with all the different taxes! Different Corporate tax. Different income taxes. Different NI, Different VAT.

It's a bureaucrat's nightmare dream come true!

:D

Do you think that England should chooseto join the Eurozone or adopt the US Dollar, once it abandons the pound sterling?

Share this post


Link to post
Share on other sites

What does it matter? Scotland already has its own notes.

No, all their note issuance is backed one-for-one by BoE notes. They are effectively English notes.

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 246 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.