Belfast Telegraph

Friday 19 September 2014

The punt may be of note in Scottish debate

I REFER to George Osborne's statement last week, in which the chancellor argued that, if Scotland gained its independence following the referendum, then they would not be able to use sterling as its currency because of the issues this would cause similar to Euro problems.

Unfortunately, Mr Osborne forgets that there are many previous instances of this happening. For example, when the Irish Free State/Eire/Republic of Ireland gained its independence, it still used sterling as its currency right up to the 1970s, before adopting the punt.

There was also Luxembourg, which may have had its own currency but used the same interest rates as the Belgian franc, which was legal tender in Luxembourg.

Perhaps the chancellor would be better off staying out of the Scottish debate, because, if there is one thing the Scots do not like, it is being told what they can and cannot do by a Tory chancellor, who happens to be a public school, university-educated posh boy.

Otherwise, they will vote for independence.

ANDREW McKEEVER

Carrickfergus, Co Antrim

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