SNP explore options for a separate Scots currency

Westminster economy spokesman Stewart Hosie.  Picture: Danny Lawson/PA Wire
Westminster economy spokesman Stewart Hosie. Picture: Danny Lawson/PA Wire
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The SNP is considering options for the creation of a new Scottish currency in the event of independence.

A group of MPs has commissioned research from economists on the possibility of creating a “Scottish pound” if the UK’s exit from the EU leads to another independent referendum.]

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Arguments over whether Scotland would be able to retain the pound were a major weakness for the Yes campaign in the 2014 independence referendum campaign.

Last week Sir Nicholas Macpherson, the former permanent secretary to the Treasury, said supporters of Scottish independence had a “golden opportunity” to shore up the economic case for leaving the UK by putting forward proposals for a separate currency.

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The work is being led by the party’s Westminster economy spokesman Stewart Hosie, Treasury spokesman Roger Mullin and Commons Treasury select committee member George Kerevan.

An SNP spokeswoman said no formal proposals had been submitted to the First Minister, and any change in policy would need to be approved by the party membership.