SNP to propose new currency plan

THE SNP is poised to adopt a new policy for an independent Scotland to establish its own currency.

SNP depute leader Keith Brown revealed he and Finance Secretary Derek Mackay will put forward a motion to the party’s conference in Edinburgh next month that “it should now be party policy that an SNP government in an independent Scotland would establish an independent currency”.

While Scotland would continue to use the pound in a transition period after a vote to leave the UK, Mr Brown said the use of sterling would not be “an open-ended commitment”.

It marks a major shift on the SNP’s stance in the run-up to the 2014 independence referendum – when then-first minister Alex Salmond argued Scotland would continue to use the pound in a currency union with the rest of the UK.

This was strongly rejected by all of the UK parties, with uncertainty over currency arrangements regarded as being one of the reasons why Scots voted against leaving the UK.

Writing in The National newspaper, Mr Brown said he believed having plans for the county to move to its own currency would “maximise support for an independent Scotland”.

Scottish Conservative finance spokesman Murdo Fraser said the plan to ditch the pound is “absurd”.

Scottish Labour leader Richard Leonard said: “This is the exact opposite of what Scotland needs.”