by Rab Bruce’s Spider

The question of whether Scotland should adopt its own currency once it becomes a normal country is likely to be one of the major topics of conversation if and when the IndyRef2 campaign begins. This is because, whatever proposal you put forward, there are arguments against it. My personal view is that we should adopt our own currency as soon as practicable, and I’m talking months, not years. Not only is this because it is what normal countries do, it’s because sterling is going to plummet even further once Scotland gains normality, and we really don’t want to be tied to a discredited currency.

However, there is one important factor in the argument which really must be highlighted to anyone who grumbles about either the risks of change/the risks of not changing (Delete as appropriate).

Take a look at some of our northern European neighbours.

Finland is in the EU and uses the Euro.

Sweden is in the EU but uses its own currency

Denmark is in the EU but uses its own currency pegged to the Euro

Norway is not in the EU and uses its own currency

So there’s just about every permutation covered by the Scandinavian countries, and each of them is doing better economically than Scotland, particularly if you are one of those people who still believe the GERS figures provide an accurate picture of Scotland’s finances. This suggests that, in fact, it is not so much the currency which matters as how the economy is run. And, after more than three centuries of running Scotland’s economy, the best Westminster can say is that we are an economic basket case.

What is important is having control over your own economic levers. That is why I believe our own currency should be one of those levers. It can be argued, of course, that many countries in the EU do not have their own currency, so I would not be totally averse to adopting the Euro if that was deemed appropriate. The big difference is that the EU is a more stable entity than the UK, so using the Euro would not be a bad outcome, but I believe having our own currency would be a better one, while acknowledging that it would still present the problems of how a new nation can build up reserves of international currencies. However, plenty other countries have managed it, so we should not regard it as being impossible for Scotland no matter how often we are told we are uniquely incapable of doing things other nations do without worrying.

We should not forget that, whether we choose to remain with sterling, create a new currency or adopt the Euro, some people will benefit, while others will lose out. You can be sure that the media in Scotland will seek out those who will lose from whichever choice the Scottish Government proposes, but let’s not lose sight of the fact that it is the power to build our economy which is most important. We need to create jobs so that fewer Scots leave and seek employment elsewhere; we need to create jobs to attract economic migrants; we need to create jobs to lift people out of poverty, which means the jobs must be well paid, not the low wage, minimal hour jobs Westminster advocates.

Part of our problem is that we look at the situation around us and think it is normal. Ask yourself why so many Scots leave. Why are there no jobs in Scotland? Is it because of our geography? Do the wide spaces of empty land make things logistically difficult? Anyone who has visited Switzerland and seen the geography of the mountainous areas there will know that is a poor excuse. Jobs can be created if the political will is there. Inward investment can be encouraged, companies can be forced to pay tax, and new industries can be created. This may sound idealistic, but Scots have invented many of the things we take for granted nowadays. This should not only be a matter of national pride, it should be a source of inspiration. Other countries manage perfectly well without being governed by their larger neighbour. Scotland has the potential to do better than most no matter which currency we use.