Salmond Says " We Are Keeping The Poond"

[mikey4444]

http://www.bbc.co.uk/news/uk-scotland-scotland-politics-28691840

Doesn't that rather depend on whether the rest of us will let him ?

Silly little man !

[murraymints]

Keep saying...


NUMPTY !!

[Svejk]

you shouldn't call mikey names, minty.

[Gromit]

If Scotland does leave, which I doubt it will do, then it will probably be in everyones interest for Scotland to have a currency that is linked to Sterling.

For political reasons, the Chancellor is saying it won't happen, but the BOE will convince him, or his successor that we shouldn't cut off our noses to spite our face. Ireland retained sterling when it went independent, so it is not exactly new territory.
Likewise the EU. They are claiming, again for political reasons, that an Independent Scotland will not be able to join, but if we get to the point where Scotland is independent, the EU will be begging them to join.

[Old_Geezer]

Subject has been covered many times before.
I think that as long as he relinquishes any control over it he is able to buy up and use any currency he fancies, can't he ?

[Svejk]

when was the punt linked to sterling?i know it wasn't when I worked there.

[ummmm]

The Punt wasn't connected to Stirling.

[douglas9401]

There's a furniture outlet called Stering in Tillicoutry, near Stirling. Easy to become confused.

[mikey4444]

The Punt was connect to Sterling at one time, but ceased to be in the late 1970's ::::

http://en.wikipedia.org/wiki/Irish_pound#Breaking_the_link_with_sterling

But that was with the agreement of Britain. Osbornes successor as Chancellor of the Exchequer, after next years Election, will have to agree to link the Poond to the Pound, and I am not sure why he should.

Anyway, it is looking increasingly as if there is going to be a NO! vote next month, so all this is rather academic.

[Peter Pedant]

Yeah the punt WAS connected to sterling UNTIL ......
it looked as tho the punt would float above sterling

and this was guaranteed by the finance bods and bean counters in the Bank of Katleen n Houlihan or wherever

so de Tea-shack floated the punt and it ..... went down to 97 p.

( this happened around 1978 ) and and was de Oirish explanation when I asked the question - "why did the Irish float the punt when it was gonna go down to 95 p ? "

The irish economic crises are nothing to do with this - they failed to control lending on no-hope housing schemes

[Peter Pedant]

crossed post Mikey

Oh can I roll out an old Oirish joke ?

why is the Irish pound called the Punt - because it rhymes wid Bank manager....

[mikey4444]

LOL PP !

[Peter Pedant]

Salmond says we are keeping the poond.....

that is not news.... it is suicide.

[woofgang]

Mark Carney blew this out of the water in January
http://www.bbc.co.uk/news/uk-scotland-scotland-politics-25930075

[mikey4444]

The reality is that Scotland doesn't have anything like enough money to bail itself out, if and when another financial crisis comes along. Its only choice will be to go running to the IMF for funds, and what kind of start is that for a new nation ?

Its neither whisky or oil that is Scotland's greatest export....its financial services and that is wholly reliant on the Bank of England, ie the British taxpayer.

It takes more than Braveheart to make Scotland a success.

[mushroom25]

mikey, Scotland could not back an independent currency with oil - it'll all be gone in 20 years. then what?

[ToraToraTora]

I don't see how this can work in practice. After independence the pound will be the UK currency and Scotland can of course use it but they'll have no control of it, they won't have a central bank it will be controlled by the bank of England. Essentially they'll be similar to those countries that use the Dollar as a currency but Scotland will be unique in that it will be government policy to use a foriegn powers currency without any control over it. Either that or Salmond is talking about haveing his own currency and calling it the pound. That's not keeping the pound that is creating a new currency, they can call it the pound but the remaining parts of the UK will distinguish it from the UK pound, it will almost certainly be known as the McPoond!

[jno]

Scotland will be unique in that it will be government policy to use a foriegn powers currency without any control over it

Works for Monaco

[woofgang]

Isn't Monaco very very rich though?

[heathfield]

Carney hasn't ruled out Scotland having the pound. He's simply said there would have to be protracted, and possibly difficult, negotiations over the issue if Scotland were to gain independence. This also applies to almost every section of society. It would all take years. And by the way, the decision over the pound would be solely up to the Bank of England, which is independent of government, and not up to those politicians who keep mouthing off that Scotland couldn't have the pound.

[woofgang]

I think that Carney has said the opposite, ie that Scotland keeping the pound or not would be a political decision, the practicalities of which he and his successors would then have to manage. He has listed the issues that would be required to be sorted in order to protect the pound.