Scottish independence: Momentous day as Salmond outlines referendum vision

ALEX Salmond admitted last night that an independent Scotland would have to rely on the Bank of England as a lender of last resort if the country retained sterling as its currency.

Ahead of today’s publication of a consultation paper setting out the terms on which the SNP would like to hold a referendum, Mr Salmond said the Bank would continue to set “monetary policy” but that the Scottish Government would still “have significant discretion over financial policy”.

One expert last night said Mr Salmond’s admission had pushed the debate over Scotland’s future into uncharted territory, and that it would “not be a good thing for Scotland at all” if it had to rely on the measure.

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The First Minister made the comments in response to former Labour Treasury minister Lord Myners during a question-and-answer session following a speech in London.