Scottish Independence: John Swinney says it could be years before Scotland gets own currency after independence

Deputy First Minister John Swinney says Scotland’s ‘distinctive currency’ could take years but country would eventually break away from the Bank of England.

Monday, 13th September 2021, 4:24 pm

Mr Swinney appeared on BBC Radio Four and was asked about the future of Scotland’s currency and said it would take a few years, but the country would eventually move towards a “distinctive currency.”

He explained: “What we received our substantive report on many of these questions from the growth commission that the Scottish National Party established, and that essentially indicated that at the moment of which Scotland became independent, we would continue to use the pound sterling but once our range of particular tests had been passed, and we would move towards having a distinctive Scottish currency.

“But that would be that would be a matter of several years, and because it recognises the fact that there will be a period of adjustment required.”

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Scottish Independence: John Swinney says it could be years before Scotland gets its own currency after independence.

He also confirmed that this would mean that Scotland would not have access to quantitative easing – a method used to keep interest rates on savings and loans low, and therefore keep inflation stable.

However, he added that an independent Scotland would have more options than it has within the union including controlling its own borrowing.

The remarks came before the First Minister spoke at the SNP conference on Monday.

Nicola Sturgeon was expected to say: “So it is in that spirit of co-operation that I hope the Scottish and UK governments can reach agreement - as we did in 2014.

“But, this much is clear. Democracy must - and will - prevail.”

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