Your IndustrySep 17 2014

Our family feud: Decision time for Scotland

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Cometh the hour of decision: within 48 hours we will know whether the United Kingdom as we now know it will be no more.

As our fellow Britons north of the border go in to the voting booth, they must remember that this is not just a vote for a change of government, it is more fundamental than that.

So far the debate, at least among the two main opposition groups, has focused irrationally on the one-dimensionality of economics, as if that is the entirety of human experience. Being a citizen is multi-dimensional, which goes far beyond just the currency – official or unofficial – that is in daily use.

Whatever decision that a post ‘Yes’ government makes there will be a level of volatility in the economy.

Whatever decision that a post ‘Yes’ government makes there will be a level of volatility in the economy.

But then again a number of nations already use another currency, often unofficially, with the Greenback being common currency in most of Latin America, Africa and Asia.

These nations have effectively lost control of their money supply and their central bank of being lender of last resort, but with the Greenback being the only global reserve currency they can still trade without any additional currency risks.

The real danger of Scotland going it alone is that it will be like tearing the family apart, a family row that is rooted in historical enmities. Scotland is a key part of our national cultural fabric: theatre, cinema, education, research, science, athletics, football, swimming, netball, cuisine, religion, Mike Denness has even captained the England cricket team.

Will a ‘Yes’ Scotland remain a member of the Commonwealth? What about the United Nations? How about other international treaties and organisations?

On a fundamental level, however, to the rest of the world the Scots are a highly educated people, many of them world-famous scientists, engineers and military leaders, with world-famous universities.

For the UK minus Scotland, our ability to punch above our weight on the world stage will be greatly diminished; an independent Scotland must lower its national sights and be comfortable with being a prosperous, advanced, middle ranking state similar in many ways to Norway. The decision is theirs.