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Sunday, 29 June 2014

Having the Sassenach's cake and eating it

Alec Salmond thinks an independent Scotland can keep the pound within a currency union.  He also thinks Scotland can grow faster by borrowing more than the rest of the UK. Leaving aside the proven inadequacies of Brownian economics, a currency union means that there is no independence of borrowing.  So which is it to be, currency union or higher borrowing?