Lord God Jose Mourinho wrote:
As I said, the three major parties may have said they won't let them keep the pound but that IMO is massively influenced by the fact that none of them want Scotland to leave the union. But it should be that Bank of England's decision as they have authority over monetary policy.
Salmond seems to think that the party leaders are bluffing and I'm inclined to agree.
All issues sorted through negotiation and don't need to be massive unless the parties choose them to be.
For someone who says he hasn't listened to Salmond you seem to be taken in by his false promises.
The Bank of England (BOE) is the bank of last resort and came to the rescue of HBOS and RBS (both Scottish banks) when they went bust to the tune of more than the whole Scottish GDP. If Scotland becomes an independent country the BOE cannot be the bank of last resort to a foreign country. If Scotland keeps the pound without the backing of the BOE then they will have a huge risk of requiring a bail out within a short period of time. The question is who will bail them out?
Salmond has gambled his whole economic policy on oil revenues which he fails to accept are declining. He has also hugely under calculated the costs of independence. eg his own embassies around the world, his own DVLA, his own funding of a higher public deficit than the rest of the UK, his own defense, his own BBC, his own civil service, funding Scottish pensions out of current income, etc etc etc
Of course it is possible for Scotland to become an independent country but the short and medium term costs are huge and he will need an austerity programme far far tougher than the rest of the UK to have any chance of making the books balance. Even the long term future is a massive gamble economically.
Salmond has made promises that he cannot keep