Chancellor would welcome post-independence currency union - Alex Salmond

Alex Salmond today claimed a British Chancellor would be “biting our hands off” for an independent Scotland to keep the pound as its currency.

The First Minister said that oil and gas reserves and the value of Scottish exports, such as whisky, meant an independent Scotland would benefit a “sterling area” of countries using that currency if it left the UK but retained the pound.

The SNP leader said some ex-Labour ministers, such as former City Minister Lord Myners, had suggested that “perhaps that currency arrangement wouldn’t be wished by people in England”.

However Mr Salmond stated: “Can I give a couple of good reasons why I think any Chancellor of the Exchequer would accept the idea of a currency union between Scotland and England?

“Firstly, oil and gas. Scotland would get the revenues from our geographical share of oil and gas.”

Mr Salmond added that oil and gas also provides billions of pounds in “support to the balance of payments and therefore to a sterling area”.

He went on: “Secondly, £24 billion of Scottish international exports including £4 billion of whisky exports.

“That’s why I believe given the huge support supplied by Scotland to the sterling area, that any Chancellor of the Exchequer would be biting our hands off to get to such a sensible arrangement.”

Mr Salmond made the comments as he hit back at claims from Labour that if Scotland left the United Kingdom but retained sterling it would be disadvantaged because key decisions would be taken in London.

Labour leader Johann Lamont argued that would leave Scotland with “political separation, yes, but with less economic control in order to serve the people of this country”.

Ms Lamont pressed him on the issue at First Minister’s Questions in the Scottish Parliament the day after the Scottish Government’s proposals for an independence referendum were revealed.