The Independence Debate – Those Questions Answered 97

Currency Union

There are over 200 nations in the world. Many became independent in the last thirty years, a large majority became independent over the last seventy years. Most have their own currencies. Some share a currency.

If every other country in the world can manage its currency options, why Better Together are allowed to pretend this is an insuperable obstacle for Scotland is beyond me. Are we uniquely stupid or lazy or incompetent? In fact Scots founded the Bank of England and the Bank of France (John Law).

The media has deliberately built u a non-question into “the thing that will stop Independence”. Yesterday Darling was allowed to bang on about nothing else for 12 minutes and then the pre-selected audience questions were on the same subject. This is a media propaganda construct not a real problem.

The problem is not the currency money in which is denominated – it is the fairness of its distribution we should be addressing.

The Scottish government’s preference is to enter a currency union with rUK. The strong attraction for rUK in that is that it avoids economic dislocation. Also it gives a strong hydrocarbon element to the economies underpinning the currency. Without Scotland sterling outflows in times of high oil prices could become a real problem for rUK.

So Salmond’s view is the rUK will agree to currency union, and there is no point in having a hypothetical argument based on an artificial Better Together propaganda construct that they will not.

My own view is that Scotland would be much better off with its own currency anyway, or could join the Euro. Either is a good option. But these are all perfectly possible post-independence options – none of them is a reason not to be independent.

Tuition Fees

Once Scotland is independent, it will have to treat all its fellow EU citizens the same on fees, including English students who currently – at the insistence of the UK government – have to pay.

Scotland will probably have to introduce some level of tuition fee post independence. BUT

a) There is no EU rule against giving student grants based on residence. So the Scottish government can give Scottish resident only students grants to pay their tuition fees. There can still be no net cost to Scottish students. This is what other EU countries do.

b) There will be no call for fees to be as high as the terrible 9,000 pounds a year charged in England. Tuition fee levels may perhaps be a third or half of that – with Scottish students given grants to pay the full amount. If the cheaper fees lead to a great rush of bright English students to Scotland, that will in the medium term give a great boost to the Scottish economy. Many of them will stay for the exciting new economic opportunities a dynamic independent Scotland will bring.


Mineral resources are the inalienable property of the State on whose territory – including continental shelf – they lie. Agreements made between oil companies and the UK for exploitation rights on Scotland’s continental shelf will be honoured on the same terms by the Scottish government. The tax revenues will come to Scotland instead of to the UK. There is no dispute over this whatsoever in legal or academic circles. It is an utterly ludicrous piece of false information to claim otherwise, put out by Better Together. The only dispute will be over the precise settlement of the maritime boundaries with England. But the area of dispute is in the region of whether 88 or 92% of British hydrocarbon resources are Scottish.

Excluding oil, Scotland’s GDP per capita is 98% per capita. The extent of the “oil bonus” on top indeed varies with the price of oil, but the total is certainly never going to give GDP per capita below that of rUK. Proven oil reserves will last a minimum of 50 years. What happens after 2070 when oil starts to run out is a problem which will face the entire world, not only Scotland. In the meantime, it is better to have it than not to have it.

97 thoughts on “The Independence Debate – Those Questions Answered

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  • mark golding

    Their Santanic Majesties Request ‘No’ to Scottish independence – ‘Nice to see you’ vote no! – – – The establishments entertainment channellers protect their interests. The intention is strong from that quantum including the cosmologist pROF. Hawking who believes ‘spooky things’ happen at a distance.

    It is scary that this form of wingding conditioning is used to demolish the ‘Yes’ campaign that drives Scotland’s divorce from a violent ‘Ross Kemp’ analogous marriage.

    Sadly the zombies will prevail and overcome Yes Scotland.

    I run along with a powerful hint. It was Yes Scotland activists who accelerated bedroom tax protests throughout Scotland. It was Yes Scotland activists that formed ‘Veterans for Independence’ – ‘Farming for Yes – Crofters for Yes – and it is the Yes Scotland movement activities that is, from a reliable source, the focus of group 41 in GCHQ.

  • Habbabkuk (La vita รจ bella) !

    Mary (10h00)


    National Demonstration for Gaza..etc, etc, etc”

    Announcing you’re going to be off-topic doesn’t excuse you.

    EVERYONE ELSE had kept on-topic and in consequence the thread was one of the more interesting ones.

    There’s a lesson there, Mary (incldung in self-control and respect for others and the blog owner)

  • Mary

    F off. It is an important message which Craig/mods allowed through. Suggest you go on the march and learn a few facts.

  • fool

    Ba’al Zevul (with Gaza)- still can’t manage to proof read what I type.

    I have no idea about the Scottish economy or potential for the future, but as with so much in life where there is a will then there is usually some sort of a way somewhere.

  • fred

    “How did this cow get so thin?”

    Well now that’s a long story.

    You see one day the old crofter was going to feed the cow when he accidentally tripped and spilled a small amount of corn. It wasn’t even a thimble full and the cow didn’t seem to notice any so the next day the old crofter thought he’d save a bit more corn and give the cow another thimble full less and the cow never noticed so the next day he did it again.

    Anyhow he’d just got the cow accustomed to eating nothing at all when it died.

  • Kempe

    ” How did this cow get so thin? ”

    The feed is contaminated with tapeworm eggs. Feeding it more is only going to make it worse. The attention of a vet is required.

  • Kempe

    ” A strong currency never hurt Germany. ”

    The strong Euro is being blamed for the decline in German imports over the past year or two. In the past Germany was able to remain competitive by modernising and reducing labour costs. By 1973 British industry had lost it’s competitive edge and was well into it’s death spiral.

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