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  • Writer's pictureThe YSI

Adoption of an Independent Scottish Currency for an Independent Scotland

Conference notes that the issue of currency played a key role in the debate surrounding the 2014 Scottish independence referendum where the desired position, put forward by key politicians leading up to the referendum, was for a currency union with the rest of the UK.

Conference recognises that there have been material changes in both the economic and political environment in the UK, particularly due to Brexit, which questions the suitability of this approach and that a currency union would be detrimental to the economic independence of an independent Scotland.

Conference notes that many countries similar to Scotland, including Norway, New Zealand and Denmark, have their own currency arrangements i.e. Norway’s Krone (NOK) is a free-floating currency administered by the Central Bank of Norway, whereas Denmark has pegged the Danish Krone (DKK) to the Euro; believes this allows greater flexibility than a currency union would provide, and secures the economic self-determination and independence of Scotland.

Conference supports a policy of an independent currency in Scotland, administered by a public Central Bank of Scotland; and believes that this option now presents the greatest flexibility in supporting growth and prosperity in an independent Scotland.

Conference recognises the importance of promoting stability and continuity as Scotland transitions to an independent currency and would support pegging the Scottish currency to Sterling for a period to ensure a period of continuity whereby cross-border trade with the rest of the UK is unlikely to be disrupted.

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