What is the Proposed Currency for an Independent Scotland?

The question of currency in an independent Scotland has been a source of much debate and confusion. Those who advocate for Scottish independence, such as the SNP, Greens, and Alba, have yet to provide a definitive answer. In fact, the inability to answer this basic question is a symptom of the broader economic and political challenges that an independent Scotland would face.

GNP of No Chance

The fixation on a concept known as 'GNP of No Chance' highlights the awareness among even those who prioritize independence that the journey to self-governance is fraught with difficulties. The claim that Scotland could 'float off into the Atlantic' is a humorous way of pointing out the impracticality of achieving independence without significant geopolitical and financial backing.

Political Union vs. Geographical Reality

Technically, the term 'Great Britain' (GB) is a geographical term, not a political one. Scotland becoming independent from a political union like the United Kingdom (UK) would involve surrendering the euro. The long-term plan, if Scotland were to sever ties with the UK, would likely be to join the European Union and adopt the Euro. However, the likelihood of this scenario is minimal, given the current political climate and the UK’s stance on EU membership.

SNP and the Question of Truth

The Scottish National Party (SNP) is notorious for evading such questions. Their reluctance to address the currency issue is telling, as it reflects a broader lack of clarity on the concrete economic plans for an independent Scotland. This evasiveness has been compared to the character Pinocchio, underscoring the perceived inauthenticity of their promises.

Debunking Myths and Addressing Reality

Those advocating for Scottish independence often dream of an idealized future where Scotland's economy thrives without the support of England and Wales. However, the reality is that Scotland, as a standalone nation, cannot manage its financial and economic needs without significant external support. The idea of reverting to coloured beads and bags of heather as currency is more a relic of old folklore than a practical economic solution.

Historical Precedents and Practicality

Currency is not a barrier that an independent Scotland cannot overcome. Numerous countries have changed their currencies in recent history, and many nations, including Australia, New Zealand, and South Africa, used the British pound after gaining independence from the UK. This widespread adoption of new currencies demonstrates that while the process may involve challenges, it is not insurmountable.

Conclusion: A Question of Realism

The question of currency for an independent Scotland is a reflection of the broader economic and political challenges that lie ahead. While it is true that currency is simply a commodity, the practicalities of an independent Scotland adopting a new currency are complex and subject to numerous geopolitical and economic factors. For those who advocate for Scottish independence, the call for realism is crucial. Failure to address basic economic questions head-on will ultimately undermine confidence in their plans.