Wednesday, 3 September 2014

Sterling job, Mr Osborne

Dear Mr Osborne

Today's Financial Times, reporting that sterling is falling against the US$, says:

"A particular concern for currency investors would be the UK’s persistent current account deficit, if this were no longer offset by North Sea oil revenues."

In plain English, Mr Osborne:

1 You have said that there will be no currency union if Scotland votes Yes.

2 You are Chancellor of the Exchequer, in a country with a £1,377 billion (£1,377,000,000,000) public debt

3  That public debt is OK, because it's backed with billions in future oil revenue. 

4  Investors have worked out that without the backing of Scottish oil the pound is worth less, maybe a lot less, than it was.

What will you do tomorrow, when the pound falls further?

And the next day, when it falls further still?

Still not want a currency union, Mr Osborne?

 The People of Scotland

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