The advantages of having our own foreign currency reserve

A foreign currency reserve is required to support the domestic currency. It helps maintain the value of the currency and can be sold when required. Having and financing its own foreign currency reserve would cost about half a million pounds than servicing Scotland's share of the UK reserve.

How to start Scotland's own currency

A central bank needs to be established. Personal and business accounts need to be set up. Loans can continue to be paid in Sterling or the new currency. Pensions can also be paid in the same way.

Independent currency requirements

An independent Scotland needs its own currency. First requirement is a Central Bank. Then there the details of bank accounts, customer accounts (business and personal), repayment of loans, payment of pensions, and the printing and coining of money. All these are technical details which financial institutions are well versed in.

Some advantages to Scottish independence

The advantages of independence relate to: Self determination Political identity Brexit and EU membership Maintenance of publicly owned health service Control over use of resources Economic control Currency Security and nuclear weapons

Currencies Scotland could use after Independence

According to Modern Monetary Theory an independent currency is necessary to have a properly independent country.  It is possible to establish a currency for Scotland and there are enough resources to provide sufficient monetary resources to support it. 

Busting the old Unionist anti-indy myths. Open minds on Scottish independence #19

This article looks at three myths about Scottish independence:

Myth 4: Business leaders are worried about the effects of independence.

Myth 5: A new Scottish currency would be difficult to establish

Myth 6: independence would threaten pensions

Type of Resource
News Media
Date Published
Primary Author or Creator
The National
Additional Author(s) / Creators
Believe in Scotland

The SNP must rethink its economic model for an independent Scotland

A critique of the Growth Commission's report. "Far from being an asset to the independence cause, the Growth Commission is its biggest liability. It’s time, as we say, ‘tae think again’."

Type of Resource
Assessment report
Date Published
Primary Author or Creator
Laurie Macfarlane
Additional Author(s) / Creators
Open Democracy

What are the arguments against Scottish independence?

There’s a multitude of reasons why people aren’t in favour of independence. We take a look at them including the economy, borders, currency, whether there is real benefit to the union.

Type of Resource
News Item
Date Published
Primary Author or Creator
Jenna Macfarlane
Additional Author(s) / Creators
National World

SETTING UP A SCOTTISH BANKING SYSTEM

A Scottish central bank will need to be set up to oversee the creation of a new Scottish currency. It will be the competent authority providing regulatory oversight of the banking system.

Type of Resource
Policy Paper
Primary Author or Creator
Peter Ryan
Additional Author(s) / Creators
Scottish Independence Convention

The SNP must rethink its economic model for an independent Scotland

 With the right plan on currency, economic model and transition, there is no reason why Scotland could not become a successful independent nation. But that plan needs to come from the 2020s, not the 1990s. And it needs to come from a broad cross section of civil society, not just business groups.

Far from being an asset to the independence cause, the Growth Commission is its biggest liability. It’s time, as we say, ‘tae think again’.

Type of Resource
Assessment report
Date Published
Primary Author or Creator
Laurie Macfarlane
Additional Author(s) / Creators
Open Democracy

Would an independent Scotland have to keep the pound and cut public spending?

A report suggests an independent Scotland would have to make public expenditure reduction.  he report actually says that public spending could continue to grow. This does depend on sufficient growth in the economy after independence.

Type of Resource
Fact check
Date Published
Primary Author or Creator
Joël Reland
Additional Author(s) / Creators
Full fact

Scottish Sovereignty Research Group

  • Research means to become independent which will be legally recognized other than through a Westminster sanctioned referendum

  • Continue to develop a written constitution.

  • Hold a broad survey among Scots to determine what kind of country they would like to see

Type of Resource
Web site
Primary Author or Creator
Scottish Sovereignty Research Group
Additional Author(s) / Creators
Add additional Authors and/or Publisher

Scottish Currency Group

People working towards the introduction of a Scottish Currency 'as soon as practicable' after Independence Day.   A Facebook group.

Type of Resource
Facebook group
Primary Author or Creator
Tim Rideout

SCOTTISH RESERVE BANK

The Scottish Reserve Bank website attempts to clear up many of the deliberate myths surrounding the establishment of a new Scottish currency 

Type of Resource
Blog
Primary Author or Creator
Tim Rideout

Let’s get Scotland’s banking right

Banking has lost its way, forgetting that it should be serving its customers and not exploiting them. But a mutually-owned People’s Bank can change this.

Video: 2:09 minutes

Type of Resource
Video
Primary Author or Creator
Common Weal

How to make a Currency: A Practical Guide

Launching a new currency in the modern digital age is complex – it is a process with a lot of moving parts – but it is not impossibly difficult.

This paper lays out a three year timetable starting from shortly after a Scottish independence referendum and culminating in the launch of a new currency on Independence Day.

The blueprint is informed by existing precedents including the launch of the euro and comprises the most detailed and authoritative paper yet produced on how to introduce a Scottish currency in the event of independence.

Type of Resource
Policy Paper
Primary Author or Creator
Peter Ryan
Additional Author(s) / Creators
Common Weal