The SNP are correct to point out that claims about passport checks on the border if Scotland becomes an independent country are wide of the mark, but on one issue I’m a little confused.
If they are to retain the pound as currency, who will set the interest rate, and in whose interests will they be set?
Currently the (unfortunately named, but it was founded by a Scot) Bank of England sets this rate, and while independent it does so on the grounds of what is in the UK’s best interest. With independence, surely, the Bank of England would only have an interest in setting a rate that accords with the remaining UK’s economic interests. So, does this mean the Scots end up with less say over their economic policy than they do at present? Or does it assume that the remaining UK will agree to some kind of common economic policy. For it to be meaningful, this presumably would mean that Scotland would have an effective veto, otherwise the UK would simply outvote them every time. In which case, how does it accord with Salmond’s assertion that independence will mean the English will no longer be bossed around by Scots (something which I would question anyway, but there you go)?
The third and fourth options, that Scotland adopts the Euro and that it establishes its own currency have been ruled out by the SNP. This presupposes that they have a right to tell the very country they reject what we can and can’t do with our own currency. The words ‘pig’ and ‘poke’ spring to mind.