Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Salmond fights back with currency plans ahead of referendum

27 comments
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.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter