Miliband to rule out currency union with Scotland in Labour’s General Election manifesto

This article was last updated on April 16, 2022

Canada: Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
USA: Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…

Labour leader Miliband has claimed to rule out a formal currency union with an independent Scotland and will also include a specific commitment in this regard in Labour’s General Election manifesto if Scots back independence in September referendum.

Mr Miliband has addressed the Scottish business leaders in Glasgow on Friday, to criticise Scottish First Minister Alex Salmond’s inability to explain his plans if an independent Scotland is deprived of access to the pound.

Mr Salmond acted defensively and refused to identify a “Plan B” if the rest of the U.K. rejected his currency union plans.

The Labour leader has claimed during his Glasgow visit that Mr Salmond had struggled during this week’s referendum debate with pro-union better together campaign head Alistair Darling because he did not have any reliable responses on what the SNP’s Plan B for currency would be in an independent Scotland.

Mr Miliband has said: “There was deeper reason for Alex Salmond’s performance in the debate. It wasn’t because he had a bad night, it was because he doesn’t have any good answers.”

The Labour leader has also indicated that the risks to the U.K. of sharing the pound with an independent Scotland would outweigh the benefits of cutting the U.K. national debt or preventing cross-border transaction costs.

Mr Miliband, when asked during a press conference if Labour would include a pledge to rule out the SNP’s formal currency union plan, said “yes”.

He has replied: “I’ve said I would rule it out.”

According to the all-party business select committee report, a vote in favour of independence would break up the U.K. single market and in the short-term Scottish businesses could be left uncertain of their position in Europe.

The committee has also raised concerns regarding Scotland facing a currency “limbo” and, in the short term, unable to join a sterling currency union and without the prospect of adopting the euro, in case of a “yes” vote.

Article viewed on Oye! Times at www.oyetimes.com.