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Varoufakis exposes a huge loophole in Sturgeon’s SNP independence plans “Not Courageous Enough!” | United Kingdom | New UK News

Yannis Varoufakis criticized Scottish independence supporters for failing to come up with a workable plan to achieve economic independence and address key currency issues. Scotland has a handful of routes that include creating their own currency, continuing to use the British Pound, or adopting the Euro. But each has serious drawbacks if adopted, with Mr Varoufakis saying Scotland needs courage to move forward with an established plan.

Speaking to New Statesmen, Mr Varoufakis looked at Scottish independence and the challenges they will face in the future.

He said: “The big problem with Scottish independence is that the SNP is not courageous enough.

“They don’t explain, they don’t have an appropriate answer to the question ‘what are you going to do with your change.’

“Because I find it absurd to say that we will continue to have the pound even if we become independent.

“It makes absolutely no sense.

“You want to have your independence, also proclaim your monetary independence.

“And it’s a lot easier to do in Scotland than it was for us here in Greece.

“Why? Because the Scots have Scottish books in their pockets, they have printing presses in Scotland, producing Scottish books.

“All you have to do is sever the link between a Scottish pound and an English pound, but it takes a bit of your courage which I don’t think the SNP is showing yet.”

The economic cost of Scottish independence has been forensic analysis by critics and supporters as three major decisions could be made regarding the Scottish currency.

Scotland could continue to use sterling as the majority of contracts, mortgages and other financial arrangements are all signed in sterling.

However, that would mean Scotland will not have control of the UK’s central bank and would be at a disadvantage if it wishes to borrow money from the Bank of England.

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Scotland could create its own currency, but some economists predict it could be 20% weaker than the pound sterling.

Scottish Business UK trading group CEO Struan Stevenson told Express.co.uk it would be a disaster for Scottish companies who could see the value of their assets drop dramatically overnight.

The northern country could adopt the euro by joining the European Union but needs a central bank, which would mean a new Scottish currency anyway.

Mr Stevenson told Express.co.uk that if such a move were made Scotland could see three different currencies over the span of several years which, again, would be a disaster for Scottish businesses.

Poll expert Professor John Curtice warned Brexit no longer fueled calls for Scottish independence, but argued neither side wanted a vote because it is too hard to predict.

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This notice was published: 2021-06-24 10:24:00

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