The jab ..

[Flyingfifer]

Sorry, that's disingenuous at the very least. The MPC may set policy but does so to meet guidelines set by the Chancellor and these guidelines can change as required by the government of the day. At the moment they are asked, among other things, to keep inflation in a band around 2%, but that could change next year.

The guideline is an inflation target, how the bank manages the system to achieve that is up to the bank, you are painting it (as do most people who argue this point) that the bank is at the beck and call of the government and that the objectives set change from one month to the next. That is simply false. For example the current inflation target of 2% was set (iirc) in 2003, therefore the key objective of the bank has remained the same for 17 years.

From the BoE Monetary Policy Committee information 'Every year, the Chancellor sets out a framework under which we have to set monetary policy. They send this to our Governor in a remit letter.'

Yes this is a requirement of the legislation but in reality, as above, the objectives rarely change. If you actually look at them you will notice that very little of the wording changes from letter to letter with them all being 5 or 6 pages long, its basically a standard letter with a different signature.
They can all be found here: Clicky

If the Government decides to change the targets for the MPC, they can, and will, do so without regard for the circumstances of any other country that may be using Sterling.

See above, 17 years since the last change in inflation target

Scotland using the £ would be a hostage to circumstances
1- No control over money supply to help manage economy
2- No lender of last resort
3- Scottish banks would have no access to BoE liquidity facilities (potential for bank runs)
4- The Scottish Government could not afford to guarantee bank customer deposits in the event of bank failures (would need 10's of £Billion available)
5- Monetary policy set in London by BoE without worrying how it affects Scotland’s economy
6- Scots fiscal policy would have to be set to appease the money markets as they'd have to borrow sterling to cover budgetary deficits

Scotland is already hostage to circumstances
1. We dont have that at the moment.
2. This is an issue and would need to be solved.
3. This would be down to negotiations but using the Sterling Monetary Framework is entirely possible.
4. While true on the face of things the actual situation is far more complicated and this is a simplistic view specifically taken to make a point.
5. See above, 17 years.
6. Everyones budget is set to appease the money markets, the whole reason we had austerity was to pay down the deficit in order to avoid downgrading of the £

Scotland would be better off biting the bullet and creating its own currency which would then find its own level in the global exchange rate matrix (pegging to Sterling is an option but can cause more problems than it resolves), but they keep shying away from that avenue because they know it will alienate an awful lot of potential 'Yes' voters if a second referendum is held.

I agree entirely. I wouldn't support a long term use of the £ moving forward.

Regardless of the problems involved in Sterlingisation, the real elephant in the room is that the SNP has no real plan as to how Scotland will finance it's brave new world. Currently the SNP's policy is to use the report from The Sustainable Growth Commission setup by Ms Sturgeon, and chaired by an ex-SNP MSP, as its guide - but trying to create the budgetary surplus envisaged by the report will result in austerity worse than the post-2008 era, there will either have to be large tax rises, severe cuts to public services/spending or a combination of both.

They need a new plan but don't seem to be able to come up with one - possibly because keeping all the 'promises' they've made is just fiscally impossible without a lot of hardship for the people of Scotland.

Its a bit like hitting a target a mile out in a foggy blizzard at night with glaucoma
There are so many variables that would need to be addressed before the subject of currency even came up! For example the assets and liabilites, would Scotland get its fair share of assets (hard and soft assets which includes the BoE) and therefore take its fare share of liabilities or would the Uk Gov want to have its cake and eat it too? (leaving Scotland to walk away with zero debt)

Regardless this isnt a Scottish indy thread

[BrianD]

Regardless this isnt a Scottish indy thread

Thank God for that, theres already a number of SNP posters that have recently appeared a head of the Scottish Parliament election in May in a number of my neighbours windows, along with a an equal number of Conservative posters which has irritated a few of my SNP neighbours somewhat I'm going to place a couple of Plaid Cymru posters in my windows just for a laugh

[Flyingfifer]

Thank God for that, theres already a number of SNP posters that have recently appeared a head of the Scottish Parliament election in May in a number of my neighbours windows, along with a an equal number of Conservative posters which has irritated a few of my SNP neighbours somewhat I'm going to place a couple of Plaid Cymru posters in my windows just for a laugh

Basically...

[Nanu]

Flyingfifer is right that any country can use another's currency without permission, there are drawbacks though. Without a currency Union agreement between said countries which Bank of England, Conservatives, Labour and even Lib Dems have ruled out, then said country would have no input on monetary policy, such as setting interest rates. Not having control over your own interest rates and monetary policy some would argue is not really Independence. How could a country set spending budgets not knowing what the value of their currency would be the following month. So yes possible but selling that type of "Independence" to the Scottish people? Not sure but I wish them well and hope they do sort it amicably.

Interest rates are set by the MPC (Monetary Policy Committee) which is controlled independently from the government (this was done in 1997) and while the government theoretically has some influence (they choose the members of the committee) ultimately the bank acts independently and will pursue a policy of stability meaning that nothing ultimately changes in the short to mid to mid long term.

Thus the whole argument that you are posing doesnt hold water.

That is true but the Scots will have no input whatsoever just like if they joined the EU which is not what I would call independence
Hopefully they will get there and we English will get a Parliament

[BrianD]

Thank God for that, theres already a number of SNP posters that have recently appeared a head of the Scottish Parliament election in May in a number of my neighbours windows, along with a an equal number of Conservative posters which has irritated a few of my SNP neighbours somewhat I'm going to place a couple of Plaid Cymru posters in my windows just for a laugh

Basically...

well thats just the response that I would expect from you

[Flyingfifer]

well thats just the response that I would expect from you

I was meaning in terms of here we go again with another politically charged period, wasnt being arsey lol

[Rucky]

Someone buy a jab with a Scottish note?
Where are all the Covid experts?

[samg]

Nah man, no way. Im 23, the vaccine itself poses a greater risk to me than covid does. A lot of people will try to spin it and say something like "you're not getting it to protect YOU, you're getting it to protect those around you" but here's the thing: I'm not responsible for those other people. My only responsibility is myself, so if some people are scared to death about this thing then they can stay home 28 days of the month and wear a hazmat suit every time they leave the house to buy groceries but they shouldn't expect the rest of society to jump through hoops for their sake. If we've devolved to a point where that's viewed as unreasonable or selfish, then I'll gladly be unreasonable and selfish.

[ph001]

Nah man, no way. Im 23, the vaccine itself poses a greater risk to me than covid does.

Did you find that information on Tiktok?

[TitanTim]

If only people had a crystal ball, everything would be ok!

Tim.

[ronk]

Nah man, no way. Im 23, the vaccine itself poses a greater risk to me than covid does.

Did you find that information on Tiktok?

That’s another post attributed to the wrong man!
There’s a glitch in the system!

[ronk]

Nah man, no way. Im 23, the vaccine itself poses a greater risk to me than covid does. A lot of people will try to spin it and say something like "you're not getting it to protect YOU, you're getting it to protect those around you" but here's the thing: I'm not responsible for those other people. My only responsibility is myself, so if some people are scared to death about this thing then they can stay home 28 days of the month and wear a hazmat suit every time they leave the house to buy groceries but they shouldn't expect the rest of society to jump through hoops for their sake. If we've devolved to a point where that's viewed as unreasonable or selfish, then I'll gladly be unreasonable and selfish.

[Flyingfifer]

Nah man, no way. Im 23, the vaccine itself poses a greater risk to me than covid does.

Did you find that information on Tiktok?

That’s another post attributed to the wrong man!
There’s a glitch in the system!

I thought it was fixed as well

[Colin_E]

Nah man, no way. Im 23, the vaccine itself poses a greater risk to me than covid does. A lot of people will try to spin it and say something like "you're not getting it to protect YOU, you're getting it to protect those around you" but here's the thing: I'm not responsible for those other people. My only responsibility is myself, so if some people are scared to death about this thing then they can stay home 28 days of the month and wear a hazmat suit every time they leave the house to buy groceries but they shouldn't expect the rest of society to jump through hoops for their sake. If we've devolved to a point where that's viewed as unreasonable or selfish, then I'll gladly be unreasonable and selfish.

LOL -we're told that it's just a cliché that so called "snowflake" generation is utterly selfish and yet.......

[mgrlane]

Nah man, no way. Im 23, the vaccine itself poses a greater risk to me than covid does. A lot of people will try to spin it and say something like "you're not getting it to protect YOU, you're getting it to protect those around you" but here's the thing: I'm not responsible for those other people. My only responsibility is myself, so if some people are scared to death about this thing then they can stay home 28 days of the month and wear a hazmat suit every time they leave the house to buy groceries but they shouldn't expect the rest of society to jump through hoops for their sake. If we've devolved to a point where that's viewed as unreasonable or selfish, then I'll gladly be unreasonable and selfish.

LOL -we're told that it's just a cliché that so called "snowflake" generation is utterly selfish and yet.......

They have shut themselves away for over a year. Stopped their education, their careers (within reason), not seen their friends, lost their jobs.

Simmer down boomer. Take a walk in another man's shoes before you judge him.