01 June 2012

Putting the cart before the horse

Calm down everybody.  No point in getting excited about this:

Alex Salmond told MSPs that there would be “nothing unusual” about a separate Scotland sitting on the Bank of England’s Monetary Policy Committee (MPC), which meets monthly to set the rate.
But it emerged that he had not contacted or checked with the bank, prompting Labour to accuse him of making “meaningless assertion after meaningless assertion” about independence.
The Treasury intervened by confirming that a separate Scotland would lose all say over the Bank of England’s monetary policy, which would be decided with reference only to the economic conditions in the remainder of the UK.
As if, at present, the Monetary Policy Committee paid the slightest bit of attention to the economic conditions in Scotland, or indeed anywhere outside the Square Mile of the City of London.  So nothing lost then.

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