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Independence: Lack of currency is ‘total madness’

Posted on 25 August 2014

The eminent economist Peter Jay has claimed Alex Salmond’s plans for an independent Scotland without its own separate currency amounts to “total madness”. Speaking at an Edinburgh Business School seminar, the former non-executive director of the Bank of England argued that the whole point of being independent was to have a separate currency, so that Scotland could have greater control over economic policy.
Salmond believes that an independent Scotland should share the pound with the rest of the UK in a formal currency union that would see the Bank of England ­remain responsible for monetary policy. A currency union would also see Scotland would have the same exchange rate as the rest of the UK………………………………………..Full Article: Source


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