Our Greater Glasgow Group are meeting via Zoom every couple of weeks in this lockdown period. This week they invited Dr Tim Rideout to talk to about setting up a Scottish Currency. The video below isn’t from the meeting today but it’s pretty much the same talk. There is a shorter version of the talk at the end of this post.
Tim lays out a timeline for getting ourselves from a successful independence referendum to a Scottish currency operating in Scotland for Scots and Scottish business and in the international foreign exchange markets. Here is his timeline, taken from the Scottish Reserve Bank website The website has been set up by Tim and it has a lot of information on it. Setting up a reserve bank is one of the first steps on the timeline. Well, after the referendum has been won and the UK PM has acknowledged the result.
- Thursday 9th September, 2021 – Scotland votes Yes in a second Scottish independence referendum.
- Saturday 11th September, 2021 – UK Prime Minister concedes that Scotland has voted to leave the Union.
- Wednesday 15th September, 2021 – Westminster Parliament approves a Statutory Instrument to add Scotland to the Statute of Westminster 1931. This means Scotland joins Canada, Australia, etc., as countries for which Westminster will no longer pass legislation except with the full consent of the relevant Parliament, in Scotland’s case, Holyrood.
- Monday, 4th October, 2021 – The Scottish Government introduces the Scottish Reserve Bank (Establishment) Bill into Holyrood, Stage 1.
- 2022 The Scottish Reserve Bank Act receives Royal Assent. The new bank occupies the old Royal High School Building in Edinburgh. The Bank’s President and Directors are appointed.
- 2023 Aims of the Monetary Policy Committee of Scottish Reserve Bank are agreed: First Priority: Full Employment; Second Priority: +/- 2% inflation
- Mid 2023 Commercial Banks write to Scottish customers using a Scottish sort code or postal address to invite them to open a Scottish Currency account(s). Any other customers, eg., Scots in London or with English sort codes, may contact their bank to request a Scottish currency account. Companies apply to have sterling and Scottish currency accounts, card payment facilities, etc. Designs for Scottish notes and coins finalised after a national competition. Sent to De La Rue Plc for manufacturing.
- Thursday 30th November, 2023 – Independence Day Queen Elizabeth I & II attends lowering of the Union Flag for the last time at Edinburgh Castle.
- December 2023 Banks start to post new Scottish Currency bank cards and cheque books to clients.
- Mid January 2024 Starter packs of Scottish Currency go on sale.
- Saturday 27th / Sunday 28th January, 2024 Sterling account balances sold to the Scottish Reserve Bank. Replacement Scottish currency deposited to new accounts. Vending machines converted. Cash machines converted.
- Monday 29th January, 2024 – Currency DayNew currency on public sale. New debit and credit cards go live.
- Monday 4th March, 2024 Peg to sterling ends. ForEx trading starts. Bank charges apply to transactions.
- December 31st, 2024 Scottish currency stands at £1.12, but more or less unchanged against the Dollar and Euro. Pensioner Guarantee in operation. Scottish Reserve Bank has £50 billion Foreign Reserves, now converted in a balance mix of Euros, Dollars, Yen, etc.
Shorter version of Tim’s talk: