Scottish currency

[Jason]

Just had a thought. If Scotland votes yes and if they have to take on their own currency outside a currency union Scotland won't have a country credit history/ rating so wouldn't the exchange rate fluctuate wildly for the new currency?

Sooo if it's a yes and if they opt for a their own currency things might start to get quite cheap in Scotland for the rest of us.

Could be wrong but if it happens it could be good news for stalkers travelling north but bad for scots heading south.

 

[Mickeydredd]

Do you believe it will only fluctuate in one direction.....?

 

[AN DU RU FOX]

its my guess it will go up, north or south

 

[Jason]

Do you believe it will only fluctuate in one direction.....?

It won't be one way and in one direction both the GBP and Scottish currency will be effected. But it's likely their will be a difference between the two currencies only time will tell if it's a yes.

I believe 1 Gibraltarian pound isn't worth 1 GBP if you go into a bank to change a note.

 

[6pointer]

Not many scots head south for deer stalking so no real worry,s there. But if you English chaps get a good deal then good on you and you will be welcome!

 

[Wapinschaw]

I am not the only resident of Scotland who has serious concerns about the matter of currency, which our Dear Leader Alex swerves around at every opportunity. I retired this year, and have a number of small pensions including one from the RAF. At the moment they are paid in £ Sterling, if Scotland goes independent then they will still be paid in £ Sterling but at some point will have to be changed into Groats, Bawbies, Salmonds or whatever. Exchange rates usually disadvantage someone, very likely the individual in my situation. IF the goalposts don't move again I should be due a State pension because I've been paying National Insurance for 47 bloody years. IF I get aforesaid pension, will I and many in my position get any increases, or will we be in the position of many UK expats and find pensions are frozen at the value they were when first paid?

Alternatively, will some jobsworth within whatever system I will be at the mercy of assess my status, declare that my hard earned private, military and company pensions are in excess of the Guaranteed Minimum Pension and tell me to **** off?

 

[deeangeo]

Just had a thought. If Scotland votes yes and if they have to take on their own currency outside a currency union Scotland won't have a country credit history/ rating so wouldn't the exchange rate fluctuate wildly for the new currency?

Sooo if it's a yes and if they opt for a their own currency things might start to get quite cheap in Scotland for the rest of us.

Could be wrong but if it happens it could be good news for stalkers travelling north but bad for scots heading south.

I'm not an economist, but Scotland I think would have to have it's own 'Bank of Scotland' with gold reserves/GDP to back it up for it's currency trading and likely as not, as Scotland doesn't have its own triple A credit rating my guess is prices will go up rather than down.
Not to mention that following the possibility of a 'Yes' vote at the polls, it will take a few years before Independence is actually gained. Then It would have to set its own VAT rate and trade would be 'as in any other country' so exports from England to Scotland would be VAT exempt and applied at whatever rate the Scottish Government decides.
Meantime, the SNP does all it can to remove private ownership of firearms and divide ownership of private estates among the masses, while employing hunters to keep control of the deer/wildlife.
Bad for anyone thinking of going to Scotland stalking and worse for Scots travelling South
Things that make you go Hmmmmmm

As an aside: I had two Scottish customers phone today and ask if our company would still supply and in what currency should they pay after the Yes win. I told them the safest option is to stock up NOW & pay before the prices rise! LOL

 

[rick6point5]

Unless the new currency is protected somehow, the sharks will trade it up n down just so they can scalp a bit here and there, they won't care as long as a profit is being made.

 

[limulus]

Is the plural of haggis haggi?

 

[NOTSHARP]

I am not the only resident of Scotland who has serious concerns about the matter of currency, which our Dear Leader Alex swerves around at every opportunity. I retired this year, and have a number of small pensions including one from the RAF. At the moment they are paid in £ Sterling, if Scotland goes independent then they will still be paid in £ Sterling but at some point will have to be changed into Groats, Bawbies, Salmonds or whatever. Exchange rates usually disadvantage someone, very likely the individual in my situation. IF the goalposts don't move again I should be due a State pension because I've been paying National Insurance for 47 bloody years. IF I get aforesaid pension, will I and many in my position get any increases, or will we be in the position of many UK expats and find pensions are frozen at the value they were when first paid?

Alternatively, will some jobsworth within whatever system I will be at the mercy of assess my status, declare that my hard earned private, military and company pensions are in excess of the Guaranteed Minimum Pension and tell me to **** off?

Did you not hear?

The currency issue is sorted !







It'll be fine.




Steve.

 

[private fraser]

Fair fa' his dishonest sonsie face

 

[Sharpie]

Scottish banknotes are not, and never have been legal tender in England/Wales.

Basically they are just scraps of paper.

If someone chooses to accept them it is purely a matter of agreement between the parties.

I have advised my friends in the North of England, where they are commonplace, to get rid of any they may have aquired, before the result.

If I was a canny Scot I'd be doing the same.

 

[User00035]

Unless the new currency is protected somehow, the sharks will trade it up n down just so they can scalp a bit here and there, they won't care as long as a profit is being made.

Correct. It will get eaten alive. New currencies always are. It takes huge levels of commitment, resilience and decades of persistence to establish a new currency and to do it you must accept a prolonged period of devaluation. More seriously, Salmond has announced that Scotland will renege on its share of the national debt if Westminster does what any sane Government would do and refuses to underwrite a foreign country by allowing it to use the BoE as lender of last resort. If Scotland does refuse to pay its debts it will become instantly internationally blacklisted. Scottish risk will be toxic. Bond markets will not lend it a shilling. Its interest rates would sky-rocket, all its debt, its mortgages, its pension funds would be unsaleable, no business trading in the new currency would be able to raise credit and holdings in Scottish companies would become junk.
At least that's what usually happens. Perhaps Mr Salmond has a plan to reinvent that wheel as well.

 

[deeangeo]

Correct. It will get eaten alive. New currencies always are. It takes huge levels of commitment, resilience and decades of persistence to establish a new currency and to do it you must accept a prolonged period of devaluation. More seriously, Salmond has announced that Scotland will renege on its share of the national debt if Westminster does what any sane Government would do and refuses to underwrite a foreign country by allowing it to use the BoE as lender of last resort. If Scotland does refuse to pay its debts it will become instantly internationally blacklisted. Scottish risk will be toxic. Bond markets will not lend it a shilling. Its interest rates would sky-rocket, all its debt, its mortgages, its pension funds would be unsaleable, no business trading in the new currency would be able to raise credit and holdings in Scottish companies would become junk.
At least that's what usually happens. Perhaps Mr Salmond has a plan to reinvent that wheel as well.

Absolutely Correct!

 

[Klenchblaize]

Will I be able to pop across the Border and fill the Landy (and a few cans) with cheap offshore diesel??

K

 

[NOTSHARP]

Correct. It will get eaten alive. New currencies always are. It takes huge levels of commitment, resilience and decades of persistence to establish a new currency and to do it you must accept a prolonged period of devaluation. More seriously, Salmond has announced that Scotland will renege on its share of the national debt if Westminster does what any sane Government would do and refuses to underwrite a foreign country by allowing it to use the BoE as lender of last resort. If Scotland does refuse to pay its debts it will become instantly internationally blacklisted. Scottish risk will be toxic. Bond markets will not lend it a shilling. Its interest rates would sky-rocket, all its debt, its mortgages, its pension funds would be unsaleable, no business trading in the new currency would be able to raise credit and holdings in Scottish companies would become junk.
At least that's what usually happens. Perhaps Mr Salmond has a plan to reinvent that wheel as well.

Now, now, Finch, don't you be scaremongering.

It's no good presenting a reasoned viewpoint, with past history to back it up, and expect people to belive it.

"Non so blind" etc., springs to mind.





Steve.

 

[paul o']

Thats brill and it looks like he has a just seen the results for f****** It up and hes enjoying every minute of scotland decline into a real mess. RBS can't bail him out its owned by the british taxpayers !! so they will to pay us back first

Did you not hear?

The currency issue is sorted !







It'll be fine.




Steve.

 

[merlin]

That is brilliant! I've just snorted coffee out of my nose all over my keyboard!!

 

[Heym SR20]

But there won't be any just popping across the Border. Scotland will be an independent country and outside the EU. The border will not be like that of going to an EU country - ie you just drive across. It will be an EU border with passport control.

And Scots will be at same status as Kiwis, Americans, Australians etc and will require visas etc to cost the remains of the UK. That's what every other non EU has to do, so why will it be any different. And as for working down in England you will need a work Visa.

Have you looked at the price of visitors visas. Friends came across from Zimbabwe last year to the UK for Christmas. They are of Scots ancestry, but both third Generation Zimbabwean and have Zim passports. It cost over £1,000 for the four of them to come to the UK for Christmas.

A cousin is married to an American. His mother in law can only one or two visitor visas a year to visit her grandchildren.

And for all the English thinking of popping up for a stalk. Well it won't be covered by EU firearms permit, so you will have all the hastle of international firearms imports etc.

Currency is least of the worries.

 

[enfieldspares]

I disagree Heym. Ireland was not an EC Member yet it's citizens had right of entry and residence in the UK since the 1922 Treaty. Also some small Carribean island states require no visa for UK. St Vincent doesn't although, now, Jamaica does.

And the prime SHAMEFUL example is Switzerland. Not EC Member state so pay no money in yet their citizens have same immigration and residence rights throughout EC as if they were. Stayed out of WWII made a nice profit yet more immigration privileges than those nations' Kiwis' Aussies, Nigerians, Etc. that did! Lest We Forget? A bloody joke!

The currency issue I have no idea about.