This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/uk-scotland-scotland-politics-27405129
The article has changed 7 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Scottish independence: MPs to quiz George Osborne on currency union | Scottish independence: MPs to quiz George Osborne on currency union |
| (about 4 hours later) | |
| The UK Chancellor George Osborne is being asked by MPs to explain why he believes a currency union after Scottish independence would not work. | |
| The politician is appearing before the Scottish affairs committee. | |
| Its chairman Ian Davidson told the BBC he and his fellow members wanted to explore all of the arguments. | Its chairman Ian Davidson told the BBC he and his fellow members wanted to explore all of the arguments. |
| The SNP's Treasury spokesman Stewart Hosie said Mr Osborne's stance on sterling was "bluff and bluster" ahead of the independence vote in September. | The SNP's Treasury spokesman Stewart Hosie said Mr Osborne's stance on sterling was "bluff and bluster" ahead of the independence vote in September. |
| Mr Hosie said he believed that not having a shared pound post-Yes would threaten jobs and damage trade in the rest of the UK. | Mr Hosie said he believed that not having a shared pound post-Yes would threaten jobs and damage trade in the rest of the UK. |
| He told BBC Radio Scotland's Good Morning Scotland programme: "Scotland, of course, being the rest of the UK's largest export market anywhere in the world after the US, why would George Osborne have such a strange view on a currency union that puts that trade from the rest of the UK to Scotland at risk? | He told BBC Radio Scotland's Good Morning Scotland programme: "Scotland, of course, being the rest of the UK's largest export market anywhere in the world after the US, why would George Osborne have such a strange view on a currency union that puts that trade from the rest of the UK to Scotland at risk? |
| "It would threaten and damage jobs in England, it would threaten and damage sterling and balance of trade terms which is why Osborne's comments are bluff, are bluster and are simply political posturing in the run up to September's vote." | "It would threaten and damage jobs in England, it would threaten and damage sterling and balance of trade terms which is why Osborne's comments are bluff, are bluster and are simply political posturing in the run up to September's vote." |
| But ahead of chairing the committee meeting, Labour MP Mr Davidson spoke to the same programme about what he believed the Chancellor had considered before ruling out a currency union. | But ahead of chairing the committee meeting, Labour MP Mr Davidson spoke to the same programme about what he believed the Chancellor had considered before ruling out a currency union. |
| He said: "Do the disadvantages of incurring transactional costs prove greater than the demerits of having a shared currency? | He said: "Do the disadvantages of incurring transactional costs prove greater than the demerits of having a shared currency? |
| "Because if he [Mr Osborne] has come out with this position, presumably he has considered it greatly, he has decided that the balance of advantage is against the shared currency. | "Because if he [Mr Osborne] has come out with this position, presumably he has considered it greatly, he has decided that the balance of advantage is against the shared currency. |
| "And partly, of course, because it would require a fiscal and banking union and it is difficult to see from the articles that he [Mr Osborne] has produced what would actually be in it for England, Wales and Northern Ireland." | "And partly, of course, because it would require a fiscal and banking union and it is difficult to see from the articles that he [Mr Osborne] has produced what would actually be in it for England, Wales and Northern Ireland." |
| The Chancellor will be joined by the Permanent Secretary at the Treasury, Sir Nicholas Macpherson, when he appears before the Scottish affairs committee, which is being boycotted by the SNP. | The Chancellor will be joined by the Permanent Secretary at the Treasury, Sir Nicholas Macpherson, when he appears before the Scottish affairs committee, which is being boycotted by the SNP. |
| Earlier this year, Mr Osborne and the finance spokesmen for Labour and the Liberal Democrats, ruled out a currency union between an independent Scotland and the rest of the UK. | Earlier this year, Mr Osborne and the finance spokesmen for Labour and the Liberal Democrats, ruled out a currency union between an independent Scotland and the rest of the UK. |
| At the same time, senior civil servant Sir Nicholas made his advice on the topic public. | At the same time, senior civil servant Sir Nicholas made his advice on the topic public. |
| The Scottish government said it wanted a monetary union with the rest of the UK in the event of a "Yes" vote in September's referendum. | The Scottish government said it wanted a monetary union with the rest of the UK in the event of a "Yes" vote in September's referendum. |
| When voters in Scotland go to the polls on 18 September they will be asked the "Yes/No" question: "Should Scotland be an independent country?" | When voters in Scotland go to the polls on 18 September they will be asked the "Yes/No" question: "Should Scotland be an independent country?" |