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Motion · S4M-09035.1 · 14 Feb 2014

The Currency of a Separate Scotland

Lodged by Chic Brodie Amendment 20 supporters

The motion

As an amendment to motion S4M-09035 in the name of James Kelly (The Currency of a Separate Scotland), leave out from "understands that" to end and insert "considers that there is a clear difference between a currency union and a monetary union; notes that an independent Ireland in 1927 agreed a currency union with the UK where the punt was pegged at an agreed exchange rate with sterling; considers that there was then no “ceding of sovereignty" by the Irish Government when, in the 1950’s, a three-tiered currency arrangement was agreed with the creation of a Bank of England Treasury note, a Bank of Ireland punt note and a Bank of England pound note, the first being the only legal tender at the time; notes that there was subsequently the creation of an independent currency board in the Irish Republic; understands that, because of the mismanagement of the economy by the UK's Labour administration in the 1970s, which ended in high inflation and the devaluation of sterling, the Republic of Ireland left the financial arrangement with sterling because of the poor economic performance of the UK, joining the European Monetary System in 1978, and invites the No campaign to engage meaningfully with the Yes campaign on the best way forward for the rest of the UK to protect sterling and the economy for all citizens of Scotland and the rest of the UK after Scottish independence.“

Supporters (20)

Source: the Scottish Parliament motions and amendments record.