Scotland Government Calls For Independence And Sterling Pound Replacement

Scotland Government Calls For Independence And Sterling Pound Replacement - Wall painted in Scotland flag
Bill Cascade   NEW 29/04/2019 00:00:00 Finance

The Brexit standoff is threatening to get messier as the Scottish National Party threatens to create an independent currency to replace the struggling Sterling Pound. The Country's First Minister Nicola Sturgeon announced as he launched the biggest ever campaign dubbed ‘economics of independence.'

Calls For Scotland Independence

The country’s First Minister is spearheading a push for delivering independence to the more than 2.4 million Scottish homes even as the Brexit uncertainty continues to bite. As it stands, Scotland would establish an independent currency on gaining independence from the U.K.

According to the First Minister, leaving the U.K. is overdue given that the current Westminster system leaves people in Scotland without enough money.

The Minister is pushing for a second Scottish independence referendum that would take place before the next elections in May 2021. In a 2014 independence vote, the Scots voted 55% to 45% to stay in the U.K.

A Scottish National Party conference has since agreed on a wide range of economic blueprint key among them being the creation of a new currency as calls for Independence continues to gather pace.

“As an independent nation, we will face challenges, as all independent countries do. We must be responsible with our finances. However, few countries on earth can match our resources and our potential. So never, let anyone tell you that Scotland does not have what it takes to be a prosperous, independent nation, “said Ms. Sturgeon.

New Currency Resentment

However, calls for an independent Scotland, as well as a new currency by the ruling party, continues to trigger mixed reactions. The Scottish Tories are already crying foul over what they term as narrow priorities by the SNP instead of focusing on what the majority in Scotland want.

The Tories are increasingly criticizing the First Minister over her calls to leave the U.K. through an unwanted referendum. According to Labor Leader Richard Leonard, Sturgeon is more interested in uniting her party rather than the entire country has given the proposals tabled.

Scrapping of the pound according to Leonard would lead to austerity measures that would see thousands of Scottish families gambling their houses, mortgages as well as pension and savings on an untested currency.

There are also concerns that shunning the pound would leave Scotland with no control of its monetary policy let alone act as a last resort for its financial sector.

Sturgeon Defense

In defense of independence and new currency calls, Ms. Sturgeon says the SNP is ready to create a social justice and fairness commission that would look after the proceeds of economic growth and how they are shared in an independent Scotland.

The minister also says plans are underway to help the young people with deposits on the launch of a new £150 million scheme. As part of the growing economic report, the SNP is also planning to do the rest should home buyers get 5% of the value of their new house from their funds.

Starting this year The Scottish government intends to offer first-time buyers loans of up to £25,000 to fund or top homebuyers deposit.

 

 

 

 

 

 

 

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