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Daily Record
Daily Record
Politics
Paul Hutcheon

SNP leadership contender Ash Regan announces 'bonkers' currency plan for independent Scotland

An SNP leadership contender has been mocked after claiming an independent Scotland could ditch the pound after a "couple of months".

Ash Regan also insisted a devolved parliament could pave the way for a new currency by setting up an independent central bank.

Critics panned the proposal as "astonishing" and "bonkers".

Providing answers on currency has been one of the key challenges for supporters of independence, particularly during the 2014 referendum.

SNP policy is to retain sterling for a number of years before moving to a new currency.

Regan, the SNP MSP who is up against Kate Forbes and Humza Yousaf for the party leadership, told ITV Border that a newly independent Scotland would rely on Sterling for "only a couple of months".

She said: "I think Scotland cannot be credible independently if we're at the mercy of another country's currency and we're not able to control that. So I think we need to be moving to our own currency as soon as it's practical.”

The MSP was then asked whether an independent Scotland would have to rely on sterling initially.

She replied: “Well, we would but only for a couple of months.”

She expanded: "In conversation with Tim Rideout, that's what he set out to me. So what we would do, if I become the leader, I am going to start working on what steps we can take now while we are not independent in order to build the infrastructure, which would let us move to a Scottish currency within months.”

Rideout, an economist, was previously disciplined by the SNP over remarks he made about former Home Secretary Priti Patel.

Regan insisted that a new central bank could be set up before Scotland was independent.

“I'm going to look to see what steps we can take under the devolution settlement, but I am very clear we would need to get that infrastructure in as soon as possible," she added.

Labour MP Ian Murray said: “An indy Scotland would keep £ for "a couple of months" then move to a new Scottish currency (with billions needed in reserves), then presumably move to the Euro (which is a currency you cant control which is the reason you give that you wouldn't keep the £). This is astonishing.”

SNP councillor Jeremie Fernandes tweeted: “I have really tried to keep a positive outlook on this leadership campaign.

“But the Scottish Currency Group and Tim Rideout’s ideas need to be chucked in the North Sea, not platformed on TV.

“These bonkers plans really undermine the case for independence.”

Pamela Nash, chief executive of the pro-UK Scotland in Union, said: “Policy ideas like this will set alarm bells ringing in the ears of people and businesses right across the country.

“Never mind a fag packet, this policy would leave space to spare on a postage stamp.

"The SNP’s vagueness and deception on the currency questions was one of the principle reasons Scotland rejected separation in 2014, but these proposals are even more incredible."

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