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originally posted by: yorkshirelad
originally posted by: AngryCymraeg
a reply to: sapien82
Here's another question. Back in March or April people in the Shetlands were asking if they could possibly vote on leaving Scotland and staying in the UK. If they did vote on that, wouldn't that remove a large chunk of the North Sea oil reserves from Scotland?
Looking at the map, about 20%. It would be very interesting to hear the reaction of the SNP to that demand from the Shetlands.
If the Scots do vote to separate then they will have to decide on a currency. Sterling, while genuinely independent, is not an option: it cannot be because of the role of the lender of last resort. The UK Government has ruled this out. Scotland could set up a new currency. But this would cause a flight of both capital and financial institutions that would hole the new currency below the waterline before it had floated off the dock.
An RBS source confirmed that it has followed Lloyds in drawing up a similar plan to relocate to England. A Treasury source said: “As you would expect, RBS have also been in touch with us and have similar plans to base themselves in London.”
Last week RBS admitted that a Yes vote was likely to “have a material adverse effect on the group’s business, financial condition, results of operations and prospects”.
The move would give the banks, which both accepted significant help from the Government during the financial crisis, the security of having the Bank of England as a lender of last resort – something Scotland cannot rely on.
Much of Alex Salmond’s warped economic thinking on how an independent Scotland could prosper is based on the notion that enough crude remains locked under the North Sea to make the country a global energy superpower.
However, as we discovered yesterday, when both BP and Royal Dutch Shell lined up behind the influential voice of Sir Ian Wood to expose Mr Salmond’s projections for the North Sea’s resources as little more than a cunning ploy, this is an economic myth designed to deceive the Scottish people into dissolving a 300-year-old union that guarantees their economic security through feast or famine.
Scottish oil and gas revenue will reduce significantly by 2035 according to industry expert Sir Ian Wood.
Sir Ian, who has forecast there are about 15 billion to 16.5 billion barrels of recoverable oil left in the North Sea, warned that the drop in revenue would leave a hole in an independent Scotland's budget.
An independent Scotland would have to more than double its financial reserves at a bare minimum to ensure financial stability, according to forecasts based on other countries that have adopted foreign currencies.
Treasury Committee calculations using figures provided by the Bank of England indicated Scotland could require years of austerity to accumulate the financial safety net it would require if it fails to secure a currency union following a “Yes” vote.
The paper’s editorial stated: “There are significant uncertainties with the proposals before us. There are some major parts of life that will be changed and we do not know what those changes are or what impact they will have, and at a cost we cannot calculate at present. It is clear there will be some constraints on what an independent Scotland can do.
“The political union has helped to provide security and stability. And over the centuries Scots have played a large part in shaping that union. Many, many Scots have benefited from opportunities it has afforded. We are a part of the fabric of the United Kingdom. We are a significant part of its history.
“So, with the choices before us, the conclusion is that we are better together, that Scotland’s best interests lie not in creating division but in continuing in the union and using its strengths to help us continue in our success.”
The paper added that its decision had not been influenced by fear.
“That is not a view taken because of fear, or lack of confidence, or lack of patriotism,” it went on. “It is the very opposite. It is not a view that simply does not want to take risk. It is a measured view that assesses risk against possible benefit and loss.
“It is seeing where the best interests of the Scottish people lie, understanding the benefits of working with the people in these islands in collaboration and partnership and seeing the opportunity to shape the strongest, most secure, fair and just society that we all want.”
originally posted by: theabsolutetruth
Scotland would need to tax every scottish person £18k yearly for any attempt at keeping Sterling and even then it will always be a no as it is technically illegal, so they would need to find new currency.
originally posted by: DukeEligos
originally posted by: theabsolutetruth
a reply to: Kester
People in Scotland need to stop being seduced by some tartan and bagpipes romantic notion perpetuated by Braveheart and wake up to reality.
Best comment on this subject I've read in a while
One of Europe's top officials has said Scotland will not be allowed to keep using the pound sterling and remain in the European Union in case of an independence vote.
Olli Rehn, vice president of the European Parliament and former commissioner for economic and monetary affairs, said in a letter to chief secretary to the Treasury Danny Alexander the use of sterling in Scotland is prohibited unless Westminster grants explicit permission.
All three main political parties have already refused to allow Scotland to retain the pound in case of a 'Yes' vote, making this option illegal under EU law, which requires a country to have access to an independent central bank to use a currency.
Alex Salmond, Scotland's First Minister, argued this would not stop the country from using the existing currency, but
Rehn has moved to prevent that option.
He wrote: ""As to the question whether 'sterlingisation' were compatible with EU membership, the answer is that this would simply not be possible since that would obviously imply a situation where the candidate country concerned would not have a monetary authority of its own and thus no necessary instruments of the EMU."
Sterling fell by almost a cent against the dollar on Tuesday, as the latest YouGov poll showed growing support for the 'Yes' campaign.
The currency moved below $1.65 to trade at $1.6468, while its volatility saw the biggest rise since 2008.
Meanwhile, asset managers have been turning to US-dollar denominated assets in anticipation of further falls in the British pound as the Scottish referendum looms.
originally posted by: sapien82
a reply to: theabsolutetruth
there seems to be a whole lot of facts and figures flying about , but it looks as though Scotland is voting yes
and the rest of the UK will just have to deal with it , like the NO voters in Scotland.
The registered address is The Royal Bank of Scotland plc, Registered in Scotland No 90312. Registered Office: 36 St Andrew Square, Edinburgh, United Kingdom, EH2 2YB.
Scottish Widows plc, Registered Office: 69 Morrison St, Edinburgh, EH3 8YF
Lloyds Banking Group plc. Registered office: The Mound, Edinburgh EH1 1YZ
Standard Life, 1 Baileyfield Crescent, Edinburgh, EH15 1ET
originally posted by: sapien82
a reply to: flammadraco
I may lose my job working for the UK government if I vote yes. the current government plans to freeze my pay until 2018
and I haven't had a pay rise in 8 years so I'm quite happy to vote yes and be rid of them !