Independence will rid Scotland of UK economic chaos, says Nicola Sturgeon
Nicola Sturgeon has claimed only independence will allow Scotland to rid itself of the chaos shattering the UK’s economy, but admitted she does not know how long that could take.
The first minister said it was “glaringly obvious” the UK could not offer Scotland the economic strength, stability or security the no campaign had promised before the 2014 independence referendum.
Unveiling a 108-page prospectus on independence and the economy, Sturgeon said if there was a second referendum and it was won by the yes campaign, Scotland would aspire to eventually setting up its own currency and joining the EU.
Pressed by reporters at a briefing in Edinburgh, Sturgeon refused to put a timeframe on how long Scotland would need to use sterling, how long it might take to establish a new currency or how long it would be before Scotland joined the EU.
Sturgeon hopes to stage a second independence referendum on 19 October next year. She acknowledged these were central questions but said they could only be answered once the process was under way.
The Scottish National party leader confirmed, however, that after independence Scotland would use sterling for as long as necessary, although it would have no say over interest rates or monetary policy. Those would be controlled by the Bank of England in London.
It was too early, she said, to know what Scotland’s debts and costs would be at independence; it would accept its fair share of the UK’s debt mountain but also receive a fair share of the UK’s assets, including about £12.5bn in cash reserves from the Bank of England. That would help fund a new Scottish central bank.
Sturgeon said it was essential Scotland took a prudent approach to its finances as it moved towards setting up a new currency. She
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