Pounding It Out: Scotland’s Warning Regarding Mother UK’s Purse Strings
It goes without saying—if you’re going to get your own place, be prepared to be self-supporting. Scottish independence from the UK has been discussed and debated since the country united with England in 1707, and on September 18th of this year, Scottish residents get to decide if they’re packing their metaphysical belongings and striking out on their own, possibly sans Mother UK’s financial backing. Chancellor George Osborne of the Exchequer, publicly supported by both the Labour Party and the Liberal Democrats, stated that if Scots vote to become an independent nation, there is “no legal reason” why the remainder of the UK would want to share the sterling with its newly liberated neighbor, and that within the UK, Scotland has a pretty nice room with a view of financial prosperity and economic growth enlargement.
Striking back, Scotland’s First Minister Alex Salmond warned of the dire financial consequences a UK-imposed blockade of the sterling would force upon the remainder of its family members, as numerous global industries would be visiting Scotland’s newly acquired digs. Furthermore, according to Mr. Salmond, the British pound is an internationally tradable currency, and the question for Scotland is not whether to keep it but whether an agreed upon currency union would be something to pass around the dinner table after the main course of independence has been digested.
Chancellor Osborne, Labour shadow Chancellor Ed Balls and Liberal Democratic Chief Secretary to the Treasure Danny Alexander all quantified that they could not recommend this type of delicacy. Osborne expounds, “the pound isn’t an asset to be divided up between two countries after a break-up like a CD collection.” Indeed. Sounding less like two countries and more like an overbearing parental figure and a fledgling adolescent testing its boundaries? Only September 18th will truly show whether Scotland collects its final parental allowance before landing its first job in over three hundred years.