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Scotland has limited lender of last resort options in an informal currency union

If an independent Scotland chooses an informal currency union (called ‘dollarization’ or 'sterlingization') as Plan B, its financial institutions cannot be sure they will have access to emergency liquidity in the next financial crisis. This is likely to have important consequences for Scotland’s financial sector, and therefore its capacity to export financial services, its new balance of payments and general economic prosperity.   

This week, we are highlighting the contributions of our fellows to Scotland's Decision: 16 Questions to think about for the referendum on 18 September.  Today’s topic is the economy. The book is available as a free download.

Our experts look at three questions on the economy:

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Since the publication of our report Work, employment, skills and training: where next for Scotland? at the end of April, debate on these issues has been hotting up, not just in Scotland, but elsewhere in the UK.  By requiring the government to produce a comprehensive outline of policies to be adopted by an independent Scotland, the referendum debate has provided a platform for the emergence of what is, by UK standards, a radical new vision for employment relations north of the border.  It is

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CIPFA asks tough questions on a future balance sheet for Scotland

The Chartered Institute of Public Finance and Accountancy (CIFPA) Scotland has today released a substantial report The Scottish Referendum: Scotland’s future in the balance which addresses tough questions around the future financing of an independent Scotland.

The report for the first time considers what a balance sheet for the current devolved Scottish public sector might look like and examines in detail the questions around Scotland’s current financial position and the future financial sustainability of Scotland.

Scotland Institute publishes report on Scotland's share of the UK's debt

The Scotland Institute has issued a report authored by Jonathan Price titled Debt and Destiny: An assessment of an independent Scotland’s fair share of the United Kingdom’s national debt and the impact it could have on Scotland’s future.

The report attempts to address the lack of discussion around Scotland's share of the UK's debt in the event of independence. The institute's chairman Dr Azeem Ibrahim notes in a blog on Scots Politics that:

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Latest blogs

  • 21st June 2018

    New research conducted by the universities of Edinburgh and Glasgow suggests that a post-Brexit Scotland is likely to find itself losing out on much-needed low-skilled migrant labour from the European Economic Area (EEA) to English-speaking countries such as North America, Australia, and to countries within the EEA.

  • 19th June 2018

    Following the collapse of the Rajoy government following a corruption scandal, how does the new political landscape affect the constitutional debate in Catalonia? Prof Antonia María Ruiz Jiménez of Universidad Pablo de Olavide suggests that this apparently dramatic change will make relatively little difference.

  • 13th June 2018

    While populist leaders and movements make headlines worldwide, an often more subtle majority nationalism remains an endemic condition of the modern world. This phenomenon is comparatively understudied. The Centre on Constitutional Change invites calls for abstracts for an international workshop on the topic of majority nationalism, to be held in February 2019.

  • 31st May 2018

    The recent report by the Growth Commission contains some interesting ideas, says Michael Keating, but also makes some problematic assumptions.

  • 30th May 2018

    The Scottish and Welsh Governments worked together closely during their negotiations with the UK Government over those aspects of the EU (Withdrawal) Bill that related to devolution. Despite ultimately choosing different paths, say Hedydd Phylip and Greg Davies, this spirit of cooperation looks set to continue.

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