Dear Mr Osborne
Today's Financial Times, reporting that sterling is falling against the US$, says:
"A particular concern for currency investors would be the UK’s persistent current account deficit, if this were no longer offset by North Sea oil revenues."
In plain English, Mr Osborne:
1 You have said that there will be no currency union if Scotland votes Yes.
2 You are Chancellor of the Exchequer, in a country with a £1,377 billion (£1,377,000,000,000) public debt
3 That public debt is OK, because it's backed with billions in future oil revenue.
4 Investors have worked out that without the backing of Scottish oil the pound is worth less, maybe a lot less, than it was.
What will you do tomorrow, when the pound falls further?
And the next day, when it falls further still?
Still not want a currency union, Mr Osborne?
The People of Scotland
Today's Financial Times, reporting that sterling is falling against the US$, 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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