Currency in Scotland after 2014
Debate between Ian Murray and Ann McKechin(10 years, 9 months ago)
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Ann McKechin (Glasgow North) (Lab)
I congratulate my hon. Friend on the debate. He will be aware that the Deputy First Minister has indicated in the broadcast media today that the Scottish Government are now minded to default on their debt in the event of a yes vote. Can my hon. Friend give any indication of what he thinks the interest rates would be on our residents’ mortgages or on debts and savings if such a scenario occurred?
Ian Murray
That is a very timely intervention, because there is no doubt about this. Everyone in this room, everyone watching this debate and everyone in Scotland and the rest of the United Kingdom will know what happens when people do not pay their bills. When people default on their bills, they end up in a situation whereby the bills get higher. Interest and credit get higher and more difficult to get. Indeed, they are punished for ever more with an incredibly bad credit rating. In the context of an economy and a country, that is devastating for jobs and public services at the very least.
UK Constituent Parts (EU)
Debate between Ian Murray and Ann McKechin(12 years ago)
Westminster HallRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Westminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
Ian Murray (Edinburgh South) (Lab)
My hon. Friend has already made a compelling case in the first few minutes of her contribution. Will she also reflect on the fact that recent Scottish Enterprise figures show that two thirds of Scotland’s “exports” actually go to the other component parts of the United Kingdom?
Ann McKechin
My hon. Friend makes a good point. If Scotland were not part of the EU in a post-separation scenario, obviously its trading relationship with the rest of the UK would be in question—what criteria, tariffs and so on would be in force? Scotland’s economy relies heavily on having a stable export market, and many thousands of jobs depend on foreign trade, but the manner in which the Scottish Government have twisted and turned at every corner to avoid a clear answer as to what legal advice they had on such questions can only corrode public trust. I shall give way in the hope that the questions may be elucidated.