Latest Issue

If Scotland regains independence, what should it do with its currency? Scottish banks currently print their own bank-notes, but these are British pounds subject to control by the Bank of England. They are not truly a Scottish currency.

The simplest thing would be to follow the Irish example—but that should give Scotland pause for thought. The newly independent Ireland issued its own currency in 1927, but it was still backed by British sterling securities, such that Irish banknotes were marked “payable in London” until 1961. The currency remained pegged one-for-one to the pound until 1979, after which it became pegged…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect