Oral Answers to Questions

Gregg McClymont Excerpts

Wednesday 19th March 2014 Commons Chamber

[Mr Carmichael]

The nationalists are always very keen on telling us about their vision. In fact, if we were to use sterling without the central bank in the Bank of England, the relationship between Scotland and the rest of the United Kingdom would be like that between Panama and the United States of America. That is not a vision; it is a nightmare.

[Gregg McClymont (Cumbernauld, Kilsyth and Kirkintilloch East) (Lab)]

The Minister will be aware that there is nothing more important in a pensions system than—[Interruption.]

[Mr Speaker]

Order. Perhaps the House can calm down and the hon. Gentleman can actually have the advantage of free speech, which is what this House is about.

[Gregg McClymont]

I am delighted by such a reception, Mr Speaker.

The Minister will be aware that nothing is more important as regards the certainty of a pensions system than clarity about the currency in which pensions are paid out and saved. Does he therefore agree that the lack of clarity from the Scottish nationalists about the currency that an independent Scotland would use is very damaging for Scots and their pensions?

[Mr Carmichael]

Indeed. The future of the pensions industry and the security of pensions for Scots post-independence is one of the biggest risks that comes from that lack of clarity. It is quite remarkable that six months out from the independence referendum date, we still do not know what the nationalists are offering us by way of a currency.