
The SNP’s desperate bid to save sterlingisation
‘I hope the sterlingisation zombie now has a stake through the heart,’ tweeted SNP delegate Tim Rideout after getting his resolution on ‘The Scottish Reserve Bank Establishment Bill’ passed at his party’s conference last weekend. Rideout sits on the SNP’s policy committee and is part of a faction challenging the SNP leadership’s plan for Scotland to informally use the pound for a prolonged period after secession – a policy known as sterlingisation. This faction wants to see Scotland establish a new currency, controlled by a new Scottish central bank, as soon as possible after exit day. In his conference speech, Rideout was blunt. ‘No advanced economy has ever sought to
