Author: Great Britain: H.M. Treasury
Publisher: Stationery Office
ISBN: 9780101863025
Category : Political Science
Languages : en
Pages : 116
Book Description
The second Scotland analysis paper, Currency and monetary policy, explained that the currency and macroeconomic framework that operates across the UK would not be able to continue between two separate states. In the event of a vote for independence, there would be further consequences for the financial sector and for its customers which are analysed in the current paper. The most profound implication is that independence would create two separate financial jurisdictions: the continuing UK and a new, independent Scotland, which would require its own legal and regulatory framework. The competitiveness of Scotland's financial sector is aided by its location within the UK. Industry and international bodies view the UK as a strong tax and regulatory regime, building customers' and partner organisations' trust in UK financial firms. Being part of the UK helps support the Scottish financial services sector, which generates employment not just in financial services firms, but in the professional and other services that support the sector. Location in a larger economy also helps to reduce firms' cost of borrowing because markets perceive these firms as less of a risk. If Scotland became independent, this position would be called into question: The Scottish banking sector would be exceptionally large compared to the size of an independent Scotland's economy, making it more vulnerable to financial shocks than it is as part of the larger UK. There could be questions about an independent Scotland's ability to stabilise its banking system in the event of a future financial crisis
Scotland Analysis
Author: Great Britain: Scotland Office
Publisher: The Stationery Office
ISBN: 9780101855426
Category : Political Science
Languages : en
Pages : 114
Book Description
The UK Government is undertaking a major cross-government programme of analysis prior to the referendum on Scottish independence in 2014. The aim is to provide a comprehensive and detailed analysis of Scotland's place in the UK. This paper, the first of a series to be published in 2013 and 2014, examines the UK's constitutional set-up and the legal implications of independence. The UK Government is convinced that the current devolution offers the best for Scotland: the Scottish Parliament and Government are empowered to take decisions on a range of domestic policy areas - such as health, education, policing - while Scotland continues to benefit from decisions made for the UK as a whole - defence and security, foreign representation, economic affairs. Independence is very different to devolution. Based on independent expert opinion (published as Annex A), the paper concludes that if there were to be a vote in favour of leaving the UK, Scotland would become an entirely new state whilst the remainder of the UK would continue as before, retaining the rights and obligations of the UK as it currently stands. Any separation would have to be negotiated between both governments. Legal and practical implications of independence, both at home and abroad, are addressed. An independent Scotland would have to apply to and/or negotiate to become a member of whichever international organisations it wished to join, including the EU and NATO. Scotland would also have to work through its positions on thousands of international treaties to which the UK is currently party.
Publisher: The Stationery Office
ISBN: 9780101855426
Category : Political Science
Languages : en
Pages : 114
Book Description
The UK Government is undertaking a major cross-government programme of analysis prior to the referendum on Scottish independence in 2014. The aim is to provide a comprehensive and detailed analysis of Scotland's place in the UK. This paper, the first of a series to be published in 2013 and 2014, examines the UK's constitutional set-up and the legal implications of independence. The UK Government is convinced that the current devolution offers the best for Scotland: the Scottish Parliament and Government are empowered to take decisions on a range of domestic policy areas - such as health, education, policing - while Scotland continues to benefit from decisions made for the UK as a whole - defence and security, foreign representation, economic affairs. Independence is very different to devolution. Based on independent expert opinion (published as Annex A), the paper concludes that if there were to be a vote in favour of leaving the UK, Scotland would become an entirely new state whilst the remainder of the UK would continue as before, retaining the rights and obligations of the UK as it currently stands. Any separation would have to be negotiated between both governments. Legal and practical implications of independence, both at home and abroad, are addressed. An independent Scotland would have to apply to and/or negotiate to become a member of whichever international organisations it wished to join, including the EU and NATO. Scotland would also have to work through its positions on thousands of international treaties to which the UK is currently party.
Scotland Analysis
Author: Great Britain: H.M. Treasury
Publisher: The Stationery Office
ISBN: 9780101859424
Category : Political Science
Languages : en
Pages : 124
Book Description
The UK Government is undertaking a major cross-government programme of analysis prior to the referendum on Scottish independence in 2014. The aim is to provide a comprehensive and detailed analysis of Scotland's place in the UK. This paper examines how Scotland might arrange its currency and wider macroeconomic framework. It reviews the current UK arrangements and examines the options for change. In the event of a vote for independence Scotland would have to establish its own institutional framework, and the current system of risk-sharing would end. An independent Scottish state would have four main currency options: continue to use sterling with a formal agreement with the continuing UK (a sterling currency union); use sterling unilaterally with no formal agreement ('sterlingisation'); join the euro; or introduce a new Scottish currency. This paper examines all these options and concludes that all of them would be less likely to be economically suitable for both Scotland and the rest of the UK.
Publisher: The Stationery Office
ISBN: 9780101859424
Category : Political Science
Languages : en
Pages : 124
Book Description
The UK Government is undertaking a major cross-government programme of analysis prior to the referendum on Scottish independence in 2014. The aim is to provide a comprehensive and detailed analysis of Scotland's place in the UK. This paper examines how Scotland might arrange its currency and wider macroeconomic framework. It reviews the current UK arrangements and examines the options for change. In the event of a vote for independence Scotland would have to establish its own institutional framework, and the current system of risk-sharing would end. An independent Scottish state would have four main currency options: continue to use sterling with a formal agreement with the continuing UK (a sterling currency union); use sterling unilaterally with no formal agreement ('sterlingisation'); join the euro; or introduce a new Scottish currency. This paper examines all these options and concludes that all of them would be less likely to be economically suitable for both Scotland and the rest of the UK.
Scotland Analysis: Macroeconomic and Fiscal Performance - Cm 8694
Author: Great Britain: H.M. Treasury
Publisher: The Stationery Office
ISBN: 9780101869423
Category : Business & Economics
Languages : en
Pages : 132
Book Description
In September 2014 people in Scotland will take one of the most important decisions in the history of Scotland and the whole of the United Kingdom (UK) - whether to stay in the UK, or leave it and become a new, separate and independent state. In advance of the referendum, the UK Government will ensure through the Scotland analysis programme that the debate is properly informed by analysis, and that the facts crucial to considering Scotland's future are set out. This paper sets out the role of economic and fiscal integration in shaping Scotland's economic performance as part of the UK and describes some of the potential economic and fiscal consequences of independence. It follows the fourth paper in the Scotland analysis series, Scotland analysis: Business and microeconomic framework, which sets out how the UK's domestic market is a key part of Scotland's successful business environment
Publisher: The Stationery Office
ISBN: 9780101869423
Category : Business & Economics
Languages : en
Pages : 132
Book Description
In September 2014 people in Scotland will take one of the most important decisions in the history of Scotland and the whole of the United Kingdom (UK) - whether to stay in the UK, or leave it and become a new, separate and independent state. In advance of the referendum, the UK Government will ensure through the Scotland analysis programme that the debate is properly informed by analysis, and that the facts crucial to considering Scotland's future are set out. This paper sets out the role of economic and fiscal integration in shaping Scotland's economic performance as part of the UK and describes some of the potential economic and fiscal consequences of independence. It follows the fourth paper in the Scotland analysis series, Scotland analysis: Business and microeconomic framework, which sets out how the UK's domestic market is a key part of Scotland's successful business environment
When Scotland Was Jewish
Author: Elizabeth Caldwell Hirschman
Publisher: McFarland
ISBN: 0786455225
Category : History
Languages : en
Pages : 265
Book Description
The popular image of Scotland is dominated by widely recognized elements of Celtic culture. But a significant non-Celtic influence on Scotland's history has been largely ignored for centuries? This book argues that much of Scotland's history and culture from 1100 forward is Jewish. The authors provide evidence that many of the national heroes, villains, rulers, nobles, traders, merchants, bishops, guild members, burgesses, and ministers of Scotland were of Jewish descent, their ancestors originating in France and Spain. Much of the traditional historical account of Scotland, it is proposed, rests on fundamental interpretive errors, perpetuated in order to affirm Scotland's identity as a Celtic, Christian society. A more accurate and profound understanding of Scottish history has thus been buried. The authors' wide-ranging research includes examination of census records, archaeological artifacts, castle carvings, cemetery inscriptions, religious seals, coinage, burgess and guild member rolls, noble genealogies, family crests, portraiture, and geographic place names.
Publisher: McFarland
ISBN: 0786455225
Category : History
Languages : en
Pages : 265
Book Description
The popular image of Scotland is dominated by widely recognized elements of Celtic culture. But a significant non-Celtic influence on Scotland's history has been largely ignored for centuries? This book argues that much of Scotland's history and culture from 1100 forward is Jewish. The authors provide evidence that many of the national heroes, villains, rulers, nobles, traders, merchants, bishops, guild members, burgesses, and ministers of Scotland were of Jewish descent, their ancestors originating in France and Spain. Much of the traditional historical account of Scotland, it is proposed, rests on fundamental interpretive errors, perpetuated in order to affirm Scotland's identity as a Celtic, Christian society. A more accurate and profound understanding of Scottish history has thus been buried. The authors' wide-ranging research includes examination of census records, archaeological artifacts, castle carvings, cemetery inscriptions, religious seals, coinage, burgess and guild member rolls, noble genealogies, family crests, portraiture, and geographic place names.
A Course Called Scotland
Author: Tom Coyne
Publisher: Simon & Schuster
ISBN: 1476754292
Category : Sports & Recreation
Languages : en
Pages : 336
Book Description
NEW YORK TIMES BESTSELLER * “One of the best golf books this century.” —Golf Digest Tom Coyne’s A Course Called Scotland is a heartfelt and humorous celebration of his quest to play golf on every links course in Scotland, the birthplace of the game he loves. For much of his adult life, bestselling author Tom Coyne has been chasing a golf ball around the globe. When he was in college, studying abroad in London, he entered the lottery for a prized tee time in Scotland, grabbing his clubs and jumping the train to St. Andrews as his friends partied in Amsterdam; later, he golfed the entirety of Ireland’s coastline, chased pros through the mini-tours, and attended grueling Qualifying Schools in Australia, Canada, and Latin America. Yet, as he watched the greats compete, he felt something was missing. Then one day a friend suggested he attempt to play every links course in Scotland and qualify for the greatest championship in golf. The result is A Course Called Scotland, “a fast-moving, insightful, often funny travelogue encompassing the width of much of the British Isles” (GolfWeek), including St. Andrews, Turnberry, Dornoch, Prestwick, Troon, and Carnoustie. With his signature blend of storytelling, humor, history, and insight, Coyne weaves together his “witty and charming” (Publishers Weekly) journey to more than 100 legendary courses in Scotland with compelling threads of golf history and insights into the contemporary home of golf. As he journeys Scotland in search of the game’s secrets, he discovers new and old friends, rediscovers the peace and power of the sport, and, most importantly, reaffirms the ultimate connection between the game and the soul. It is “a must-read” (Golf Advisor) rollicking love letter to Scotland and golf as no one has attempted it before.
Publisher: Simon & Schuster
ISBN: 1476754292
Category : Sports & Recreation
Languages : en
Pages : 336
Book Description
NEW YORK TIMES BESTSELLER * “One of the best golf books this century.” —Golf Digest Tom Coyne’s A Course Called Scotland is a heartfelt and humorous celebration of his quest to play golf on every links course in Scotland, the birthplace of the game he loves. For much of his adult life, bestselling author Tom Coyne has been chasing a golf ball around the globe. When he was in college, studying abroad in London, he entered the lottery for a prized tee time in Scotland, grabbing his clubs and jumping the train to St. Andrews as his friends partied in Amsterdam; later, he golfed the entirety of Ireland’s coastline, chased pros through the mini-tours, and attended grueling Qualifying Schools in Australia, Canada, and Latin America. Yet, as he watched the greats compete, he felt something was missing. Then one day a friend suggested he attempt to play every links course in Scotland and qualify for the greatest championship in golf. The result is A Course Called Scotland, “a fast-moving, insightful, often funny travelogue encompassing the width of much of the British Isles” (GolfWeek), including St. Andrews, Turnberry, Dornoch, Prestwick, Troon, and Carnoustie. With his signature blend of storytelling, humor, history, and insight, Coyne weaves together his “witty and charming” (Publishers Weekly) journey to more than 100 legendary courses in Scotland with compelling threads of golf history and insights into the contemporary home of golf. As he journeys Scotland in search of the game’s secrets, he discovers new and old friends, rediscovers the peace and power of the sport, and, most importantly, reaffirms the ultimate connection between the game and the soul. It is “a must-read” (Golf Advisor) rollicking love letter to Scotland and golf as no one has attempted it before.
Scotland's Northwest Frontier
Author: Alister Farquhar Matheson
Publisher: Troubador Publishing Ltd
ISBN: 1783064420
Category : History
Languages : en
Pages : 600
Book Description
The western coastal lands of the Northern Highlands are squeezed between the northern Hebrides and Drumalban, the mountainous spine of Highland Scotland. This is a region justly famed for some of the finest and most unspoilt scenery in the British Isles – but what happened here in times past? Scotland's Northwest Frontier provides the answer. For a long time, this area was a frontier zone between the medieval kingdoms of Norway and Scotland, and then between the Gaelic Lords of the Isles and the Scottish kings. In the 18th century, this remote seaboard was Britain’s ‘Afghanistan’, a dangerous region often beyond the control of London and Edinburgh. It was the last hiding place of Bonnie Prince Charlie before his escape to France after his Jacobite army had been crushed on Culloden Moor. A land of clans and lost causes, this is the story of powerful lords and warrior chiefs, Presbyterian soldiers of the Covenant and Hanoverian redcoats, Highland Clearances, road and railway builders, whisky smugglers and opium traders, from Viking times to the beginning of the 21st century. Scotland's Northwest Frontier is the entertaining story of what was for long a lawless region, followed through eight turbulent centuries. Backed by comprehensive appendices and glossary, this is one for the fireside, a travelling companion and an invaluable reference source for the bookshelf. Scotland's Northwest Frontier will appeal to those interested in Scottish history, and people who descend from Scottish clans and families.
Publisher: Troubador Publishing Ltd
ISBN: 1783064420
Category : History
Languages : en
Pages : 600
Book Description
The western coastal lands of the Northern Highlands are squeezed between the northern Hebrides and Drumalban, the mountainous spine of Highland Scotland. This is a region justly famed for some of the finest and most unspoilt scenery in the British Isles – but what happened here in times past? Scotland's Northwest Frontier provides the answer. For a long time, this area was a frontier zone between the medieval kingdoms of Norway and Scotland, and then between the Gaelic Lords of the Isles and the Scottish kings. In the 18th century, this remote seaboard was Britain’s ‘Afghanistan’, a dangerous region often beyond the control of London and Edinburgh. It was the last hiding place of Bonnie Prince Charlie before his escape to France after his Jacobite army had been crushed on Culloden Moor. A land of clans and lost causes, this is the story of powerful lords and warrior chiefs, Presbyterian soldiers of the Covenant and Hanoverian redcoats, Highland Clearances, road and railway builders, whisky smugglers and opium traders, from Viking times to the beginning of the 21st century. Scotland's Northwest Frontier is the entertaining story of what was for long a lawless region, followed through eight turbulent centuries. Backed by comprehensive appendices and glossary, this is one for the fireside, a travelling companion and an invaluable reference source for the bookshelf. Scotland's Northwest Frontier will appeal to those interested in Scottish history, and people who descend from Scottish clans and families.
HM Government: Scotland Analysis: Science and Research
Author: Great Britain: Scotland Office
Publisher: The Stationery Office
ISBN: 9780101872829
Category : Political Science
Languages : en
Pages : 78
Book Description
This paper is the latest in the Scotland analysis series and explores how an integrated domestic environment for research in publicly funded institutions supports the UK's, including Scotland's, excellent and thriving research base which is vital for innovation and economic success. An independent Scottish state would become responsible for deciding how much to spend on research activity and how to distribute research funding. In order to replace the 2012-13 level of Research Council expenditure in Scotland (£307 million), the government of an independent Scottish state would have to spend 0.23 per cent of 2012 GDP on research or seek additional funding from elsewhere such as overseas, businesses or charities. Businesses and research charities could, however, face additional administrative burdens created by divergences in regulatory regimes and tax jurisdictions, meaning funding projects in both the continuing UK and an independent Scottish state could become more complex. UK national institutions would operate on behalf of the continuing UK as before but would have no power or obligation to act in, or on behalf of, an independent Scottish state. In the event of independence the single strategic and highly integrated research framework would be likely to diverge as an independent Scottish state set and deliver its own research priorities. Research collaborations between the continuing UK and an independent Scottish state would be international collaborations associated with levels of risk not present in domestic collaborations. Research excellence is also supported by the ability of researchers and staff to move freely across the UK and elsewhere, thereby supporting the flow of knowledge
Publisher: The Stationery Office
ISBN: 9780101872829
Category : Political Science
Languages : en
Pages : 78
Book Description
This paper is the latest in the Scotland analysis series and explores how an integrated domestic environment for research in publicly funded institutions supports the UK's, including Scotland's, excellent and thriving research base which is vital for innovation and economic success. An independent Scottish state would become responsible for deciding how much to spend on research activity and how to distribute research funding. In order to replace the 2012-13 level of Research Council expenditure in Scotland (£307 million), the government of an independent Scottish state would have to spend 0.23 per cent of 2012 GDP on research or seek additional funding from elsewhere such as overseas, businesses or charities. Businesses and research charities could, however, face additional administrative burdens created by divergences in regulatory regimes and tax jurisdictions, meaning funding projects in both the continuing UK and an independent Scottish state could become more complex. UK national institutions would operate on behalf of the continuing UK as before but would have no power or obligation to act in, or on behalf of, an independent Scottish state. In the event of independence the single strategic and highly integrated research framework would be likely to diverge as an independent Scottish state set and deliver its own research priorities. Research collaborations between the continuing UK and an independent Scottish state would be international collaborations associated with levels of risk not present in domestic collaborations. Research excellence is also supported by the ability of researchers and staff to move freely across the UK and elsewhere, thereby supporting the flow of knowledge
Debating Scotland
Author: Michael Keating
Publisher: Oxford University Press
ISBN: 0192507052
Category : Political Science
Languages : en
Pages : 317
Book Description
On 18 September 2014, Scotland held a referendum on the question: Should Scotland be an independent country? This is a most unusual event in modern democracies and engaged the political class, civil society, and the general public to an unprecedented degree, leading to an 85 per cent turnout in the final vote. This was an occasion to debate not just the narrow constitutional issue but the future of the nation, including the economy, social welfare, defence and security, and Scotland's place in Europe and the world. Debating Scotland comes from a team of researchers who observed the debates from close-up and engaged with both sides, with the media and with the public in analyzing the issues, while remaining neutral on the independence question. The book examines the main issues at stake, how they were presented, and how they evolved over the course of the campaign. The editors and contributing authors explore the ways both independence and union were framed, the economic issues, the currency, welfare, defence and security, the European Union, and how the example of small independent states was used. The volume concludes with an analysis of voter responses, based upon original survey research, which demonstrates how perceptions of risk and uncertainty on the main issues played a key role in the outcome.
Publisher: Oxford University Press
ISBN: 0192507052
Category : Political Science
Languages : en
Pages : 317
Book Description
On 18 September 2014, Scotland held a referendum on the question: Should Scotland be an independent country? This is a most unusual event in modern democracies and engaged the political class, civil society, and the general public to an unprecedented degree, leading to an 85 per cent turnout in the final vote. This was an occasion to debate not just the narrow constitutional issue but the future of the nation, including the economy, social welfare, defence and security, and Scotland's place in Europe and the world. Debating Scotland comes from a team of researchers who observed the debates from close-up and engaged with both sides, with the media and with the public in analyzing the issues, while remaining neutral on the independence question. The book examines the main issues at stake, how they were presented, and how they evolved over the course of the campaign. The editors and contributing authors explore the ways both independence and union were framed, the economic issues, the currency, welfare, defence and security, the European Union, and how the example of small independent states was used. The volume concludes with an analysis of voter responses, based upon original survey research, which demonstrates how perceptions of risk and uncertainty on the main issues played a key role in the outcome.
The Scottish Book
Author: R. Daniel Mauldin
Publisher: Birkhäuser
ISBN: 3319228978
Category : Mathematics
Languages : en
Pages : 333
Book Description
The second edition of this book updates and expands upon a historically important collection of mathematical problems first published in the United States by Birkhäuser in 1981. These problems serve as a record of the informal discussions held by a group of mathematicians at the Scottish Café in Lwów, Poland, between the two world wars. Many of them were leaders in the development of such areas as functional and real analysis, group theory, measure and set theory, probability, and topology. Finding solutions to the problems they proposed has been ongoing since World War II, with prizes offered in many cases to those who are successful. In the 35 years since the first edition published, several more problems have been fully or partially solved, but even today many still remain unsolved and several prizes remain unclaimed. In view of this, the editor has gathered new and updated commentaries on the original 193 problems. Some problems are solved for the first time in this edition. Included again in full are transcripts of lectures given by Stanislaw Ulam, Mark Kac, Antoni Zygmund, Paul Erdös, and Andrzej Granas that provide amazing insights into the mathematical environment of Lwów before World War II and the development of The Scottish Book. Also new in this edition are a brief history of the University of Wrocław’s New Scottish Book, created to revive the tradition of the original, and some selected problems from it. The Scottish Book offers a unique opportunity to communicate with the people and ideas of a time and place that had an enormous influence on the development of mathematics and try their hand on the unsolved problems. Anyone in the general mathematical community with an interest in the history of modern mathematics will find this to be an insightful and fascinating read.
Publisher: Birkhäuser
ISBN: 3319228978
Category : Mathematics
Languages : en
Pages : 333
Book Description
The second edition of this book updates and expands upon a historically important collection of mathematical problems first published in the United States by Birkhäuser in 1981. These problems serve as a record of the informal discussions held by a group of mathematicians at the Scottish Café in Lwów, Poland, between the two world wars. Many of them were leaders in the development of such areas as functional and real analysis, group theory, measure and set theory, probability, and topology. Finding solutions to the problems they proposed has been ongoing since World War II, with prizes offered in many cases to those who are successful. In the 35 years since the first edition published, several more problems have been fully or partially solved, but even today many still remain unsolved and several prizes remain unclaimed. In view of this, the editor has gathered new and updated commentaries on the original 193 problems. Some problems are solved for the first time in this edition. Included again in full are transcripts of lectures given by Stanislaw Ulam, Mark Kac, Antoni Zygmund, Paul Erdös, and Andrzej Granas that provide amazing insights into the mathematical environment of Lwów before World War II and the development of The Scottish Book. Also new in this edition are a brief history of the University of Wrocław’s New Scottish Book, created to revive the tradition of the original, and some selected problems from it. The Scottish Book offers a unique opportunity to communicate with the people and ideas of a time and place that had an enormous influence on the development of mathematics and try their hand on the unsolved problems. Anyone in the general mathematical community with an interest in the history of modern mathematics will find this to be an insightful and fascinating read.
HM Government: Scotland Analysis: Assessment of a Sterling Currency Union - Cm. 8815
Author: Great Britain: H.M. Treasury
Publisher: The Stationery Office
ISBN: 9780101881524
Category : Business & Economics
Languages : en
Pages : 80
Book Description
This assessment finds that the UK is a successful union because taxation, spending, monetary policy and financial stability policy are co-ordinated across the whole UK. It means risks are pooled, there is a common insurance against uncertainty and no one area or sector of the larger economy is too exposed. Within a sterling currency union, an independent Scottish state would find it more difficult to adjust to the effects of economic challenges. The continuing UK would become unilaterally exposed to much greater fiscal and financial risk from a separate state. Greater fiscal risk would come from UK taxpayers being asked to support the wider economy of another state and also financial risk were banks from that state to fail. The experience of the euro area in the financial crisis highlighted the challenges of creating a durable and effective currency union, illustrated by the very difficult economic adjustments required by some members and the financial risks that have been accepted by other members and their taxpayers. On the basis of the scale of the challenges, and the Scottish Government's proposals for addressing them, HM Treasury would advise the UK Government against entering into a currency union. There is no evidence that adequate proposals or policy changes to enable the formation of a durable currency union could be devised, agreed and implemented by both governments.
Publisher: The Stationery Office
ISBN: 9780101881524
Category : Business & Economics
Languages : en
Pages : 80
Book Description
This assessment finds that the UK is a successful union because taxation, spending, monetary policy and financial stability policy are co-ordinated across the whole UK. It means risks are pooled, there is a common insurance against uncertainty and no one area or sector of the larger economy is too exposed. Within a sterling currency union, an independent Scottish state would find it more difficult to adjust to the effects of economic challenges. The continuing UK would become unilaterally exposed to much greater fiscal and financial risk from a separate state. Greater fiscal risk would come from UK taxpayers being asked to support the wider economy of another state and also financial risk were banks from that state to fail. The experience of the euro area in the financial crisis highlighted the challenges of creating a durable and effective currency union, illustrated by the very difficult economic adjustments required by some members and the financial risks that have been accepted by other members and their taxpayers. On the basis of the scale of the challenges, and the Scottish Government's proposals for addressing them, HM Treasury would advise the UK Government against entering into a currency union. There is no evidence that adequate proposals or policy changes to enable the formation of a durable currency union could be devised, agreed and implemented by both governments.