Dr Angus Armstrong says going it alone with the pound after independence would leave Scotland's financial institutions without an effective lender of last resort. Keeping the pound without a formal currency union would force major banks to relocate from Scotland after independence, one of the country's leading economists predicted.
Dr Angus Armstrong warned that if a separate Scotland goes it alone with the pound – so-called sterlingisation – the lack of an effective lender of last resort would see financial institutions flee south...............................................Full Article: Source
|