During this initial period, Facts4EU warns that the nation would have “no central bank of its own, no control over its interest rates, and no lender of last resort to bail out its financial sector”.
Looking at Scotland’s defences, the SNP plans to become a “nuclear-free nation”, reliant on its own newly created military and intelligence services.
However, the think tank has warned that the move would make the nation “relatively defenceless” and be “forced to pay London directly” for defence protection.
They stressed that adopting a separate currency means that every cross-border contract, supermarket shipment and supply chain transaction between Scotland and England would be “hit with foreign exchange fees, hedging costs, and currency risk”.