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Scotland’s Place in the UK

It was not worth taking the hon. Gentleman’s last intervention, so I am not going to take this one.

Joining such a union would result in severe limits to Scotland’s economic freedom and a risk of losing economic resilience and credibility. What about the continuing UK? We heard about this from the hon. Member for Chichester (Mr Tyrie). A currency union would expose the continuing UK to the risk of bailing out banks in an independent Scotland if they were to get into difficulties again—these would be banks over which it would have no control, their being regulated under a different system in a foreign country. That is why we have consistently said it is highly unlikely that a currency union could be agreed, because it is highly unlikely that a currency union could be made to work. No one should vote for an independent Scotland on the basis that they will get to keep the UK pound sterling. Independence means leaving the UK’s monetary union; the only way for Scotland to be sure of keeping the UK pound as it is now is to stay in the UK. Nothing the Scottish Government have asserted changes that reality.

Earlier this week I was asked by a journalist what I expected to be doing on 19 September this year. I was able to reply that I am almost certain that I shall be celebrating the continuation of a highly successful Union, one that has been built on shared effort, common endeavour and, yes, love—19 September will be my

27th wedding anniversary. As I celebrate that anniversary with my English-born wife and my half-English, half-Scottish children, I am confident, but by no means complacent, that we shall be able to toast the continuation of that other highly successful Union, the one between England, Scotland, Wales and Northern Ireland.

3.27 pm