Scotland: Referendum

Debate between Lord Nickson and Lord Strathclyde

Monday 31st October 2011 Lords Chamber

[Lord Strathclyde]

My Lords, the fundamental principle that we believe applies is that matters concerning the union of the kingdom are a reserved matter.

[Lord Nickson]

My Lords, in the tragic event that there was a referendum and the people of Scotland voted for a separate state, what is the Government’s view on what currency they should adopt? Is it a possibility that it might have to be the euro instead of sterling?

[Lord Strathclyde]

My Lords, certainly one of the questions that will be raised—and is continually raised—with the First Minister of Scotland, is what currency would exist within the British Isles if Scotland were no longer part of the United Kingdom. At this stage is it is very difficult to answer.