The SNP’s currency plan has plunged into ‘utter chaos’ after the party’s Westminster leader said a separate Scottish currency would be pegged to sterling.
Ian Blackford disclosed the bombshell proposal despite warnings that up to £300billion of exchanges would have to be built up first, leading to unimaginable cuts to public services.
The SNP MP told LBC Radio: “One of the key items will be making sure we have sufficient reserves, because when we do have our own currency it has to be pegged against the pound sterling.”
Richard Marsh, who was a researcher for the SNP’s Growth Commission, told the Scottish Daily Mail: “This could be at the cost of public services and delivery.” Pamela Nash, chief executive of Scotland in Union, said: “The SNP’s currency plan is now in utter chaos.
“This would be catastrophic for Scotland’s economy as it would require billions of pounds in reserves, leading to devastating cuts to public services, higher borrowing and drastic tax rises.
“It would send a wrecking ball to family finances, jeopardising pension pots and plunging homeowners into negative equity.
“But rather than choose this dangerous path, we can keep the pound and build a successful economic future by remaining in the UK – which is just one reason why so many former Yes voters have now changed their minds.”