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.








More articles

US Dollar Under Pressure On Weak Economic Data

Bill Cascade   NEW 09/10/2019 00:00:00 Forex

The US dollar is struggling for direction, having lost momentum on weak employment data. The greenback has registered impressive gains, in recent months, as other majors currencies continued to edge lower...

Buy to Open Definition, Explained in Detail with Example

Bill Cascade   NEW 08/10/2019 00:00:00 Guides

There are four types of options that are commonly used in the industry. Alongside buy to open, these include buy to close, sell to open and sell to close. Here we look at precisely what the basic definition of buy to open means, alongside offering an example of it at work. By analyzing the term further, we can provide a better understanding...

Swiss Franc Eyes Fresh Gains On Safe Haven Appeal

Bill Cascade   NEW 07/10/2019 00:00:00 Forex

The Swiss franc has lost some ground against other major currencies in recent trading sessions. For starters, it is trading at two-week lows against the Euro, which has tumbled to two-year lows in recent months. While the weakness of the Swiss franc stems from weak economic data, a bounce-back could be in the offing going forward...

Turkish Lira On The Recovery As Swedish Krona Woes Persist

Bill Cascade   NEW 06/10/2019 00:00:00 Forex

Turkey's government remains optimistic about the Lira appreciation, against the dollar, over the next three years. Economic forecasts by the finance ministry indicate the government expects the country’s economy to expand by 5% next year...

Argentines Turn To the Polls To Avert Economic Crisis And Peso Volatility

Bill Cascade   NEW 03/10/2019 00:00:00 Finance

The country is struggling with one of the highest levels of inflation at 54%. High inflation levels have affected the way of life, as prices of goods continue to rise, and small businesses struggle to remain afloat... 

Free margin - Credit