Chancellor: Workable monetary union unlikely if Scotland splits
A WORKABLE monetary policy between an independent Scotland and England would be unlikely, the chancellor has told a committee.
George Osborne told a Lords committee yesterday: “You have heard now from the governor of the Bank of England, from myself and from a number of other people about the fact that the assertions the SNP make about [a currency union] are simply not credible, which is why a workable monetary union is unlikely.” He added that Alex Salmond’s claims about the possibility of a shared currency had been “demolished” by Mark Carney, in a recent speech.
Osborne’s comments send another clear message to Scotland, ahead of the independence vote in September this year. The government is backing a no vote in the referendum which would see the union remain intact.
Osborne also said yesterday that the UK’s housing shortage could continue for a further 10 years.