"THE Welsh First Minister has warned that Wales could block efforts by an independent Scotland to join a pound-sharing pact with the remainder of the United Kingdom.
In a major speech in Edinburgh last night, the Labour leader in the Welsh Assembly, Carwyn Jones, said he was “not convinced” that such a currency union, as proposed by Alex Salmond after a Yes vote, would work in Wales’ interests, and said he would demand a say on such a plan if it ever came to light.
It was “highly unlikely” that such a pact could work, he said, warning it would add to uncertainty over the UK’s monetary policy, and thereby increase “risk” for both Wales and Northern Ireland. He added: “Given the experience of the Eurozone in recent years, and the uncertainty which surrounded the various bail-outs, I am not convinced that a shared currency would work from the Welsh perspective."
Scottish independence: Wales set to oppose pound pact - The Scotsman
Good point Meaty, perhaps the Welsh are raving conservative bullies as well?..... not *shrug*
In a major speech in Edinburgh last night, the Labour leader in the Welsh Assembly, Carwyn Jones, said he was “not convinced” that such a currency union, as proposed by Alex Salmond after a Yes vote, would work in Wales’ interests, and said he would demand a say on such a plan if it ever came to light.
It was “highly unlikely” that such a pact could work, he said, warning it would add to uncertainty over the UK’s monetary policy, and thereby increase “risk” for both Wales and Northern Ireland. He added: “Given the experience of the Eurozone in recent years, and the uncertainty which surrounded the various bail-outs, I am not convinced that a shared currency would work from the Welsh perspective."
Scottish independence: Wales set to oppose pound pact - The Scotsman
He said he agreed there was nothing stopping Scotland continuing to use the pound after independence. “It could probably use the American dollar if it wanted to,” he said.
But he added: “What it couldn’t do is use the UK pound and then demand a say in the running of the Bank of England. Scotland would be at the mercy of monetary policy determined in London, so what use independence in those circumstances? If you use someone else’s currency, then you are bound by their rules.”
But he added: “What it couldn’t do is use the UK pound and then demand a say in the running of the Bank of England. Scotland would be at the mercy of monetary policy determined in London, so what use independence in those circumstances? If you use someone else’s currency, then you are bound by their rules.”
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