Regan promises Scottish currency 'within months' of independence

The SNP leadership candidate said an independent Scotland would only use Sterling for 'a couple of months'.

Ash Regan claims Scotland will have its own currency ‘within months’ of indyref2 if she becomes SNP leader STV News

SNP leadership candidate Ash Regan has said Scotland will have its own currency within a “couple of months” of independence if she becomes party leader.

The MSP said Scotland could not be a “credible” independent nation while relying on another country’s currency.

The former community safety minister said an independent Scotland would need to move to its own currency “as soon as it is practical”.

In an interview with Representing Border, Regan said: “I think Scotland cannot be credible independently if we are at the mercy of another country’s currency and we cannot control that, so I think we need to be moving to our own currency as soon as it is practical.”

Regan said after independence, Scotland would have to rely on the pound Sterling “but only for a couple of months”.

She said: “If I become the leader I am going to start working on what steps we can take now while we are not independent in order to build the infrastructure which would let us move to a Scottish currency within months of becoming independent.”

Regan said the Scottish Government would seek to set up a central bank before independence in order to make its own currency.

Asked if the Scottish Government has the powers to do this, Regan said she would “look to see” what steps Holyrood can take under the current devolved powers.

“I’m very clear we would need to get that infrastructure in as soon as possible,” she said.

Health secretary Humza Yousaf, who is running in the SNP leadership race alongside finance minister Kate Forbes, suggested Regan’s plans are not credible.

“We’ve got to make sure that we are absolutely credible when we speak to the people of Scotland,” he said.

“They will not trust us if we come up with schemes that lack credibility.”

Last year, First Minister Nicola Sturgeon said Scotland would move to a new currency post-independence but added the transition would take time.

Publishing a paper on the issue at the time, Sturgeon said a Scottish currency would require a central bank which would be set up on the first day after an independence vote.

The First Minister said it would be “irresponsible” to set out a timetable for the change.

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