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English pound

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English pound

If Scotland did get independence which is unlikely, would they be able to keep the pound .?
The value of the pound is controlled by the Bank of England so it's hard to see how Scotland could keep the pound if they had no control over it.
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Re: English pound

The scottish have their own banks. and bank notes.. and do, indeed have the Scottish Pound... I think... but not sure....they still have scottish pound notes ( paper).. issued by several scottish banks...
I do remember, long ago, if we got offered a scottish pound note, in our shop... we had to assume the value of 19/- ( nineteen shillings )... and give change accordingly... this was to cover the cost of returning them to scotland, by the english banking system..( so I was told  ! ) ...
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Re: English pound

They've already been told if they chose independence, they won't be allowed to keep the British pound - hence the currency debate.
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Re: English pound

And the Pro Independence lobby have said they will keep their link to the GBP Undecided
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Re: English pound

As I said ,...... in my previous post... and backed up by Wiki ......  http://en.wikipedia.org/wiki/Pound_Scots

From Wiki
Quote

Today there is no distinct Pound Scots; but Scotland's three largest clearing banks (the Royal Bank of Scotland, the Bank of Scotland and the Clydesdale Bank) still print paper notes denominated in pounds sterling. These notes may be accepted as payment throughout the United Kingdom, but are much more commonly seen in Scotland; they represent the same Pound Sterling value as do Bank of England notes in England and Wales.


It seems the Scots had the Pound... BEFORE the Unification of Scotland and England... so.. we have only second billing (?) on the right to the Pound ........nez pas ?
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Re: English pound

Quote from: shutter
The scottish have their own banks. and bank notes.. and do, indeed have the Scottish Pound... I think... but not sure....they still have scottish pound notes ( paper).. issued by several scottish banks...
All current Scottish bank notes are issued on the authority of and are 100% backed by the Bank of England.
The issuing banks have to deposit a guarantee (the same sum as they issue in notes) with the BofE.
So these are Bank of England notes, just printed with Scottish patterns. There are no separate Scottish coins.
On independence they would be English (well Remaining UK or whatever its called) notes, not Scottish.
What would happen to them would be debatable/negotiable but there is no way the Scottish banks (if they still existed) could issue more of them.
The Scottish banks would probably (almost certainly) ALL have to relocate to England to comply with various bits of banking legislation.
(Something that the Yes campaign conveniently ignore)
VileReynard
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Re: English pound

If the Scots don't get the pound, they can always negotiate with Trident.
A bank can be located anywhere in the UK.  Grin

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Re: English pound

I just love Salmond's insistence that the pound is as much theirs as ours. In the unlikely event that they get independence I hope we prevent them from doing so.
Anyway, if they want to go into the EU as they say they will be forced to use the euro Wink
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Re: English pound

What amazes me is that Alex Salmond has a degree in Economics and Ancient History (although only a Desmond) and worked as an economist so how can he get such basic issues wrong such as how to arrange a currency Crazy
The UK didn't join the Euro principally for the reason that you can't maintain a working currency without controlling the economic factors in ALL the member states and harmonising them. Look what's happening in Europe now with the differences between North and South, France and Germany, the new accession states.
Picture Scotland run as a Socialist utopia and Tories in London you would have all the problems the Euro has now and more  Roll eyes
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Re: English pound

English Pound*
(*Made in Wales)
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Re: English pound

Quote from: vilefoxdemonofdoom
A bank can be located anywhere in the UK.  Grin
Exactly, but to primarily serve a United England/Wales/NI etc. it can't be located in an INDEPENDENT Scotland - that's the law.
It strikes me, on this and some other significant issues, that it's "Call My Bluff" time for Mr S and his hand is pretty weak.
I heard a statement earlier on Radio 4 that Scotland's biggest export was not Whisky but Financial Services.  Cry
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Re: English pound

And some of those financial services have made it clear they will relocate if Scotland gains independence.
WTF
Grafter
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Re: English pound

The Scots might consider being barred from a currency union with the rump of the UK a blessing in around 18 months time: if the Tories get back in and are insane enough to take the rump of the UK out of the EU, an independent Scotland would definitely not want to have any close relationship with our doomed economy, let alone sharing a rapidly devaluing currency with us.
Also, given they want to re-join/remain in the EU (as any country should), I'd be surprised if they weren't obliged to take the Euro.  As a small country with an disproportionately large financial sector that could easily overwhelm their resources during the forthcoming crash everyone expects to inevitably follow any curtailing of QE, I'm not sure why they'd have a problem with doing that, either  Roll eyes
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Re: English pound

Why the English pound?
We refer to it as pound sterling or GBP (Great Britain Pound) in the forex markets.
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Re: English pound

I have heard of a TROY pound, a GB pound but NEVER an ENGLISH pound.  Crazy
Unless of course you are one of the people who routinely call the UK England.  Crazy
When I worked abroad I kept repeating to them that I was NOT English but Scottish.  It was amazing the difference in opinion you got when you told them that. English football hooligans and all that.  Cheesy
I maybe the only one who DOESN'T want us to split, but I still don't really see what all the fuss is about.