THE BLOG

Common Sense From the Bank of England on Scotland's Currency

30/01/2014 11:14 GMT | Updated 01/04/2014 10:59 BST

The Bank of England Governor, Mark Carney, yesterday set out a common sense approach to a common currency between an independent Scotland and the rest of the UK. Speaking in Edinburgh, Mr Carney was clear that he did not seek to influence the decision of the people of Scotland, and stressed that in the case of a Yes vote, the people of Scotland would have sovereignty and the ability to choose the arrangements we wish, in partnership with our neighbours in the rest of the UK.

2014-01-30-boeok.png And responding to journalists Mr Carney refuted suggestions that agreeing a currency union would have to be difficult.

A Yes vote puts powers in the hands of people in Scotland and the governments they elect. Choosing to cooperate in a currency union is the preferred choice of the Scottish Government based on expert evidence. As the Governor made clear, such decisions "are rightly choices for elected governments and involve considerations beyond mere economics."

And as we could, so we should - because a currency union makes sense. Mr Carney set out what he called "the basic rationale of sharing a currency", and said "sharing a currency union can "promote investment", "help integration", "help encourage the movement of labour and capital", "raise trade in goods and services" and "improve the flow of technology and ideas".

A currency union has strong support with the public in Scotland and throughout the rest of the UK. A shared currency has benefits for all. A common currency is common sense.

Meanwhile Alistair Darling continues his conservative campaign of spin and misrepresentation - despite previously having admitted a currency union was "desirable" and logical". We've highlighted his propensity to ignore what's actually in reports and speeches before - for example on oil and gas.

We've had some common sense from Carney on currency. Isn't Alistair Darling capable of the same?