Nicola Sturgeon says independent Scotland would continue to use pound then create own currency

dailyrecord.co.uk:

Scotland would continue to use the pound and have monetary policy set by the Bank of England after independence, it has been announced.

First Minister Nicola Sturgeon presented the third independence paper, which outlined economic and currency plans for an independent Scotland.The Building a New Scotland: A stronger economy with independence paper announced a Scottish Pound would also be created, however no timescale has been given for the move.The paper read: "We propose that, on independence, Scotland would continue to use the pound sterling for a period before moving to our policy of adopting a Scottish pound.

The change would take place as soon as practicable through a careful, managed and responsible transition, guided by criteria and economic conditions rather than a fixed timetable."While Scotland is still using sterling, many aspects of monetary policy would continue to be set by the Bank of England.

However, an independent Scottish Central Bank would be established with oversight of monetary and economic conditions in Scotland and with responsibility for financial stability."The Scottish Central Bank would also report on the economic criteria and conditions for moving to a Scottish pound.