The Currency Issue

Citation

Brown Swan C & Petersohn B (2017) The Currency Issue. In: Keating M (ed.) Debating Scotland: Issues of Independence and Union in the 2014 Referendum. Oxford: Oxford University Press, pp. 65-83. https://doi.org/10.1093/acprof%3Aoso/9780198789819.003.0004

Abstract
The question of currency in an independent Scotland was one of the most contested issues of the referendum debate. This chapter draws attention to the ways in which this area reflected the distinct interpretations of ‘independent statehood’ and sovereignty employed by the two governments and campaigns. The Scottish Government and the Yes side campaigned for the termination of the negatively framed political union, while emphasizing that other unions could and should be maintained in the event of independence. In contrast, the UK Government and No side emphasized that independence would mean the dissolution of all unions, including a shared currency. The current economic and political union was framed positively by the No side while the currency union was said to increase risk, threaten stability, and undermine sovereignty. Overall, both campaigns employed a range of knowledge claims about the feasibility, desirability, and the consequences of the union to advance their position.

Keywords
pound sterling; currency; union; HM Treasury; knowledge; bluffing