Nicola Sturgeon says independent Scotland would continue to use pound then create own currency
17.10.2022 - 14:59
/ dailyrecord.co.uk
Scotland would continue to use the pound and have monetary policy set by the Bank of England after independence, it has been announced.
First Minister Nicola Sturgeon presented the third independence paper, which outlined economic and currency plans for an independent Scotland.
The Building a New Scotland: A stronger economy with independence paper announced a Scottish Pound would also be created, however no timescale has been given for the move.
The paper read: "We propose that, on independence, Scotland would continue to use the pound sterling for a period before moving to our policy of adopting a Scottish pound. The change would take place as soon as practicable through a careful, managed and responsible transition, guided by criteria and economic conditions rather than a fixed timetable.
"While Scotland is still using sterling, many aspects of monetary policy would continue to be set by the Bank of England. However, an independent Scottish Central Bank would be established with oversight of monetary and economic conditions in Scotland and with responsibility for financial stability.
"The Scottish Central Bank would also report on the economic criteria and conditions for moving to a Scottish pound. This would be part of a wider process, drawing on independent advice to inform the decision by the Scottish Parliament on when to introduce the Scottish pound.
"Following a vote for independence, Scotland would remain part of the UK while the terms of independence are negotiated. During this period, arrangements would be put in place to enable financial services and products to operate in the same way following independence as they do now. This would maintain confidence and financial stability."
The SNP leader wants to hold a