Scottish Independence: Currency Union
Debate between Duke of Montrose and Lord Newby
Wednesday 12th March 2014
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(10 years, 8 months ago)
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The Duke of Montrose (Con)
My Lords, at what point will Her Majesty’s Government assess the amount of trade in goods and services from the rest of the United Kingdom into Scotland? Will they also look at the trade between Scotland and the rest of the UK?
Lord Newby
Yes, my Lords. Proportionately, the amount of trade from Scotland to the rest of the UK is much greater than it is from the rest of the UK to Scotland. About 70% of Scotland’s trade is to the rest of the UK and only about 10% of the rest of the UK’s trade is to Scotland. There is therefore a big imbalance in the importance to the two parties of the trade between them.