A sterling plan to save the Union

In a few weeks’ time, the Scottish electorate will vote a new parliament into Holyrood with all the pundits predicting a majority for Nicola Sturgeon’s SNP. She will campaign on the basis that a majority gives the SNP a mandate for a second independence referendum to be held early in the new parliament. This is despite constitutional matters being reserved to the UK parliament and despite previous SNP assurances that they would respect the democratic result of the 2014 referendum for a generation. 

For those of us who recoil in horror at the thought of another bitter and divisive referendum in Scotland, especially in the middle of the Covid pandemic, it is incumbent upon us once again to advance the positive arguments in favour of the UK. I believe the most important weapon of all is sterling, the sovereign currency of the UK.

Since the date of first issuance of government gilts in 1691, the UK has never once defaulted on its debts.