Bow Group Chairman Ben Harris-Quinney has warned that Scotland would be a poorer country outside of the United Kingdom, saying the cost of having its own currency and a trade border with the rest of Britain would very high.

Read the full article here at the Daily Express

Speaking to the Daily Express, Ben Harris-Quinney said that while Scottish National Party (SNP) leaders have talked about joining the Euro, it could not happen immediately, while “creating its own currency would be costly, complex, and economically high risk.”

“If a new currency was pegged to the performance of the Scottish economy it would likely be weak, and Scottish citizens would likely feel a significant decline in purchasing power leading to further economic deprivation.

“It might be possible for Scotland to continue with the pound sterling, or a derivation of it, but this would be in the gift of the UK Government and would be another negotiating point,” Mr Harris Quinney told the publication.

The Bow Group chairman continued: “The costs of Scotland having its own currency, splitting assets, and having a trade border with the UK is impossible to predict with any specific accuracy because the variables are too great.

“It is likely however that the costs of these shifts to the Scottish economy will be very high.

“Scotland, separated from the UK, is a relatively poor country based on its economic performance.

“Twenty percent of Scottish citizens are considered to be living in poverty, and its total national economy of £150billion is worth less than a quarter of London’s economy.

“As an individual nation, it would likely be poorer than countries like Romania or the Czech Republic.”

Read the full article here at the Daily Express

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