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Bank of England hits out at Scots rumours

Robyn Hall

August 14, 2014

In an unprecedented statement an official from the Bank said: “To be clear, consistent with its statement in December 2012, the Bank of England has not entered into discussions with representatives of the Scottish Government about proposals for future monetary arrangements in Scotland.

“As the Governor said yesterday, the design of any changes to UK monetary and financial arrangements would ultimately be a matter for negotiation between the Westminster and Scottish Parliaments. The Bank of England will deliver whatever remit it is given.

“The Bank’s position on the primary determinants of a successful currency union are set out in the Governor’s speech, delivered in January 2014 in Edinburgh and in his subsequent testimony to the Treasury Select Committee of the House of Commons.”

Elsewhere, defence industry representatives have said they feel “snubbed” by First Minister Alex Salmond after he failed to meet a delegation to answer their concerns about independence.

Concerns are mounting that Glasgow’s shipyards could soon lie empty in an independent Scotland.

The Scottish National Party believe that the UK Government would have no choice but to continue to place orders for complex naval ships on the Clyde because it is one of the only places that could do the work.

But Unions north of the border have branded the claim “insulting” to other shipyards in the UK.

Duncan McPhee, Unite convener at BAE Systems Scotstoun, said: “I don’t accept that for one minute.

“If there’s a political decision for the UK Government to stick to their policy of building these ships in the UK, then unless the Scottish Government are going to attract some other private company or nationalise the shipyards on the Clyde and supply them with work, then I don’t see what the future is for the shipyards.”

The Herald reported that Raymond Duguid, DIJC chairman at Babcock Marine, Rosyth, said he had asked why the Scottish Government believes the UK Government would continue to build warships in Scotland, a foreign country, after independence.

He said: “He did not answer that and that was a concern.”

And he added: “It’s a political decision and that is done to sustain sovereign capability. We might be the best, but if we’re a foreign country that won’t matter.”


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