Quote:
Macpherson says Mark Carney also said that there would have to be fiscal transfers within a currency union.
If one part of a currency union goes into recession, it needs help from another party.
That happens in the UK already, he says.
But, under independence, those transfer payments would not happen unless you created a central fund. No one is proposing that. And, if they did, the rest of the UK might not agree to it, he says.
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So that's £10bn extra a year the Scots would have to find for themselves, and that is on top of the £20+bn capital they would have to find for lenders to trust them. Where are they planning on finding the money?