Sterling devalued

Sterling, now at $1.65, in 1949 bought $2.80 and DM11.30, but by 1992 only DM3, and down 25 per cent against the euro this decade.

Oil revenues helped the budgets and balance of payments deficits and should lead to an appreciating, not depreciating, currency.

However, billions have found their way into the housing land and asset bubbles created through all governments’ mismanagement.

We are asked to vote Yes or No and denied a second choice. Does separation mean giving up the right to a share of the vast sums squirrelled away into these “assets”?

This “wealth” is mainly controlled in London and the South-east. The debasement of sterling and inflated “value” of assets impoverishes the young all over the UK forever as they cannot afford to buy or rent, but at least the Scots can discuss these matters at Holyrood.

But no matter if the result is Yes or No, an invoice could be presented to Westminster by the Scottish Government of whatever hue for the billions squandered these past decades for Westminster living on the never-never, continual excess, and for the debasement and devaluation of sterling.

C Robertson

Wester Inshes Crescent

Inverness