Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Salmond fights back with currency plans ahead of referendum

Salmond fights back with currency plans ahead of referendum

Scotland’s First Minister Alex Salmond scored a win against Better Together leader Alistair Darling after clashing over Scottish independence ahead of the referendum.

Following the debate, a Guardian and ICM poll revealed that Salmond (pictured) had won 71% of the viewers’ votes, taking victory over Darling’s 29%.

Despite previously being unable to answer what his plan B was should an independent Scotland not be able to use the pound, Salmond said he had three plan Bs but was seeking a ‘mandate’ from the Scottish people to negotiate to share the pound.

According to the Financial Times, Salmond said Scotland could use the pound without formal union, a situation known as ‘sterlingisation’, or could adopt an independent currency either pegged or floating.

Darling replied: ‘You are taking a huge risk if you think it is just all going to fall into place. I think the currency union would be bad for Scotland because our budget would have to be approved not by us, but what would be a foreign country.’

However he later admitted that Scotland could still use the pound even if an agreement with the rest of the UK failed.

Darling also hit out at Salmond over the risks of going independent, including an over-reliance on unpredictable oil revenues.

He questioned the North Sea oil revenue figures quoted by the Yes campaign and said: ‘You are promising all sorts of things on the basis of revenue that is very volatile. To rely so much on something… it is gambling our children’s future which is totally unacceptable.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: why Jamie MacLeod turned to private clients

Profile: why Jamie MacLeod turned to private clients

Many considered it a left hand turn when MacLeod left product origination in 2010 to become the head of a smallish distributor

Wealth Manager on Twitter