BoE’s Carney: Currency Union is Incompatible with Sovereignty

Bank of England governor Mark Carney has told trade unions that currency union in the event of Scottish independence would be “incompatible with sovereignty”.  Mr Carney told the TUC conference that a currency required a centralised bank and shared banking regulations.  Common taxation and spending were also needed, he said.

The SNP said currency union was “in the best interests of both an independent Scotland and the rest of the UK”.  It added that currency union plans had been considered in detail.  For their part, pro-union campaigners said a shared currency would be “bad for Scotland”.

The Scottish National Party (SNP), which wants to keep the pound in the event of independence, said that its plans had been “considered in detail” by the Fiscal Commission, a working group of the Scottish government.


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