The Treasury statement on debt (Perspective, 28 January) was made to avoid market uncertainty but it also inferred that a small nation like Scotland, with no borrowing history, faced higher interest rates.
True to form, Alex Salmond ignored the warning and declared the statement proved it accepted Scotland’s use of sterling was “overwhelmingly in the interests of everyone”.
I thought this an odd interpretation, since currency union means the rest of the UK ceding economic control – something it has been conspicuously unwilling to do with the EU.
And Bank of England Governor Mark Carney is known to have serious concerns about the whole idea, and doubts formal currency-sharing unions can ever be made to work. The fact is that a currency union is not in the gift of the First Minister and English voters will likely demand that a deal which is so clearly not in their best interests is blocked.
Dr John Cameron