Scotland: Independence

Lord Stephen Excerpts

Wednesday 29th January 2014 Lords Chamber

[Lord Wallace of Tankerness]

My Lords, as the Chancellor of the Exchequer has previously said, the current arrangements of a full monetary, fiscal and political union bring benefits to all parts of the United Kingdom. I certainly have noted that the Governor of the Bank of England today has highlighted the principal difficulties of entering into a currency union—losing national sovereignty, the practical risks of financial instability and having to provide fiscal support to bail out a foreign country. That is why we have consistently said that, in the event of independence, a currency union is highly unlikely to be agreed so the Scottish Government need a plan B. I agree with the noble Lord, Lord McConnell, that people who, from experience, have an important contribution to make should make it. Indeed, this month, Better Together has published a very good pamphlet which quotes many people showing how untenable the position of the Scottish Government is on the issue of the currency.

[Lord Stephen (LD)]

My Lords, is it not vital that we all spend the time between now and the referendum in September working together and positively campaigning in favour of Scotland staying part of Great Britain and part of the United Kingdom? Speculating on the constitutional detail of what will happen if there is a yes vote in the referendum does not necessarily help in that united campaign.

[Lord Wallace of Tankerness]

My Lords, I agree with my noble friend. It is vital that our focus is on ensuring that there is a substantial no vote in the referendum in September and that we set out the benefits. Ahead of the debate in your Lordships’ House tomorrow morning, I hope later this afternoon to send out to noble Lords the 20 positive reasons—there are many more—that my right honourable friend the Secretary of State for Scotland set out earlier this month together with links to the 10 analysis papers published so far in Scotland, which make a very compelling case for the integrity of the United Kingdom and for Scotland remaining part of it.