Wealth Manager - Essential news for investment professionals

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Salmond fights back with currency plans ahead of referendum

27
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 Tesco, Japan and the rise of the central banker

Tesco, Japan and the rise of the central banker

 Libby Ashby and leading wealth managers scrutinise the food retail sector, Japan’s consumption tax hike and political risk in the markets.

Play Colin McLean's mid-cap picks

Colin McLean's mid-cap picks

The SVM director and fund manager on his pick of the UK mid-caps.

Play Gervais Williams: the real reason to worry about Quindell

Gervais Williams: the real reason to worry about Quindell

Citywire AA-rated manager Gervais Williams has argued that sentiment is the true danger to Quindell.

Your Business: Cover Star Club

Profile: Psigma's Edinburgh boss on why he is in Scotland long term

Profile: Psigma's Edinburgh boss on why he is in Scotland long term

When Tim Wishart agreed to launch an Edinburgh office for Psigma he was not expecting to  head the company’s first overseas team

Wealth Manager on Twitter