Just over a week ago I asked what would be the best currency option for an independent Scotland and given the hits the blog has been receiving today I thought it might be a good time to have a look at this now. Again not scientific but interesting all the same. 94 kind people took part and here are the results.
Which currency should an independent Scotland use? (First Choice)
As I suspected, and I’m sure most of you, the result was 1 (1.1%) for the British Pound, 88 (94.6%) a Scottish Pound, and 4 (4.3%) for the Euro, 0 for the dollar. For the record my first choice was for a Scottish Pound, I don’t see how it can be any different.
Which currency should an independent Scotland use? (Second Choice)
This was the one were I thought there could be a surprise or two, for the record I chose the Euro as my second choice as I would prefer to have as little as possible to do with the British Pound. The results were 10 (11.1%) the British Pound, 39 (43.3%) the Scottish Pound, 41 (45.6%) the Euro, and 0 the Dollar.
Which currency should an independent Scotland use? (Third Choice)
This was interesting as I wondered if the Dollar would start to figure and it did. 23 (27.1%) went for the British Pound, 35 (41.2%) went for the Scottish Pound, 14 (16.5%) the Euro, and 13 (15.3%) the Dollar. For the record I went for the British Pound but I could have easily went for the Dollar to be fair.
Other suggestions included the Krone, and the Dram (lol). I have no issue with the Euro and would much rather that than the pound for a second choice, and it could help with future membership if an independent Scotland voted to join, I also think it would be a welcome decision in the EU, it is used in the Balkans so there doesn’t appear to be an issue with a non member using the currency. So another interesting, non scientific survey. Will do another in a few weeks.
grumpyscottishman.wordpress.com 
Heh, it looks like some respondents voted for a Scottish pound every time.
It is my first preference too. However, I think we must persuade the soft no voters. What would they prefer?
Yeah Alan Scottish Pound is the onky way to go; my 1st 2nd 3rd and ….nth choice.
Kangaroo
Certainly the popular choice.
Thanks for commenting.
Bruce
Alan
I have had a few chats with people who would be happy to use the Euro and I find that interesting I must admit although I see no one else is mentioning it.
Thanks for commenting.
Bruce
I’m not sure, but I think there are basically two ways to use the Euro too. One is to join the Eurozone(currency union) and one is to simply use it(like sterlingisation).
Simply using the Euro has all the downsides of sterlingisation with the added complications of actually changing the currency in everyday use.
However, we cannot quite join the Eurozone straight off the bat. There are conditions before doing that: http://www.consilium.europa.eu/en/policies/joining-the-euro-area/convergence-criteria/
Besides the four requirements, “Candidates to join the euro area must also ensure that their national laws and rules provide for the independence of their national central banks”
So it turns out that in order to join the Eurozone properly, Scotland would probably have to set up its own currency and stabilise for a few years anyway. Neatly reducing the realistic options to either a Scottish currency or the pound sterling.
Alan
Using the Euro or the Pound make sense and both rational ideas but neither will be viewed that way by some on both sides. I would be happy to use the Euro but that is further down the road, we need to get Indy first and as we all know that is the very very hard part.
Thanks for commenting.
Bruce
Craig Dalzell has a piece in Commonspace.
https://www.commonspace.scot/articles/12811/craig-dalzell-we-can-t-build-independent-scotland-based-timorous-attitude
The part which refers to currency says:
A far better idea would be the one laid out by Common Weal’s book “How to Start a New Country” which states that an independent Scottish currency would be built during the three year time period between a referendum and formal independence so that it is ready to use on day one of independence. If a link to Sterling is still desirable beyond this point then a peg such as that employed by Denmark with respect to the euro would be more appropriate and easier to change should it no longer prove to be desirable.
I really would recommend getting the book and looking it over.
The part that I like best is that the way it is done impacts least on the average citizen.
You can find that book, as well as a summary of it, here: https://thecommongreen.scot/2016/07/26/a-sovereign-currency-for-an-independent-scotland/
The other stuff, found in Library, is also good quality and builds a compelling case for independence. In comparison, Scotland in Union etc. has nothing to offer. Their own government’s assessments of Brexit suggests disaster on almost all fronts(only the vulture capitalists will grow fatter). They want to take powers away from the Scottish parliament. They will abuse Scottish assets in a fire sale to get through Brexit without losing their shirt, the same way Thatcher exploited a big chunk of North Sea oil to deindustrialise the country.
Sorry – section, not book!
Bjsalba/Alan
I’ll check it out, maybe a work lunchtime read next week as that tends to be sitting in my car going from school to school lol.
Thanks for commenting.
Bruce