Gordon Banks
Main Page: Gordon Banks (Labour - Ochil and South Perthshire)Department Debates - View all Gordon Banks's debates with the Cabinet Office
(11 years, 3 months ago)
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Michael Moore
Notwithstanding the heckling from the nationalist Benches, which hides the fact that they do not have answers to these very important questions, the point is that they used to be in favour of the euro but now they have back-tracked; they used to be in favour of a separate currency but now they have back-tracked; and they are currently saying that a currency union would be the best starting point. I think Scotland deserves to know what the end point would be.
Gordon Banks (Ochil and South Perthshire) (Lab)
On sterling, Alex Salmond says he is in and the chair of the yes campaign says he is out; it is a bit like the currency hokey cokey. The serious point is that this morning a report says that if the UK had a formal currency union with an independent Scotland, in the event of another financial crisis London would provide the lender-of-last-resort functions, whereas if Scotland was in the euro it would be Brussels, and if Scotland had its own currency it would probably be the International Monetary Fund in Washington. Is it not true that in the event of separation all roads lead to Scotland having less control over its own financial affairs?
Michael Moore
I agree with the hon. Gentleman. The best arrangement for Scotland is to stay part of the United Kingdom, where we get all the benefits of the currency but also the hugely integrated single market, which is enormously to our benefit, and a platform in the world that is great for all our businesses and those they employ.