Pound is our currency too

The idea that the UK Government could prevent an independent Scotland continuing to use the pound is based on the mistaken belief that somehow the pound would be in the “ownership” of what remains of the rest of the UK.

The pound is as much the currency of Scotland as it is of the rest of the UK. For an independent Scotland to continue to use the pound makes economic sense for both parties. The UK balance of trade deficit is £35billion a year and Scottish oil and gas exports amount to £30billion, with Scotland being the second-biggest export market for the rest of the UK after the US.

For Scotland not to continue to use sterling would double the sterling zone trade imbalance and have a massive negative impact on the currency, destroying English jobs.

Maintaining the currency union post independence will help Scotland with trade and energy sales to the rest of the UK, and in addition help the rest of the UK maintain the sterling zone’s balance of payments at a manageable level.

While the political union stopped working long ago in Scotland’s favour, the currency union still makes sense and will be of equal benefit to both Scotland and the rest of the UK. For the rest of the UK to try and prevent Scotland continue to use sterling would be tantamount to economic suicide, effectively cutting off its nose to spite its face.

Alex Orr

Leamington Terrace