The SNP can have its referendum – if it agrees the terms of a divorce first
Scotland should agree to take on a share of the UK’s total outstanding national debt, including state and public sector pensions which are often conveniently hidden from the calculations, on a per capita basis.
The SNP would have to stop pretending it could simply use the pound as before. An independent Scotland could, of course, join the euro, or launch its own currency, or shadow sterling.
But it couldn’t expect to have any form of quantitative easing in sterling to meet its budget deficits.
Matthew Lynn Telegraph 10 May 2021
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