An independent Scotland must abandon the pound

If Scotland is to leave the union, there can be no half-measures, says Seán Keyes. It must abandon sterling if it is to prosper.

Alex Salmond wants out of the UK. He wants a sovereign Scotland, independent of London for the first time since 1707 - and he might have the votes to make it happen. His new Edinburgh parliament would be free to tax, spend and legislate as it pleased. But Salmond and the SNP are happy for London to retain control over one important part of Scottish life - their money.

Under the SNP's plans the new Scotland would retain the British pound. Scotland would continue to import monetary policy from the Bank of England at Threadneedle Street. Why does a strident nationalist like Salmond want London to run Scotland's money? And why does this matter?

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Sean Keys graduated from Trinity College, Dublin with a BA in economics and political science and, in 2009, from University College Dublin with an MA in economics. His MA thesis was on the likely effects of deficient eurozone governance structures.