John Kay: The Cost of Change

If Scotland is to become an independent country, it has three options for currency: adopt the euro, keep the pound sterling or create a new Scottish currency – and each has its own limitations. Leaving a financial union and creating an entirely new system is a major event and according to leading economist John Kay, whoever said the ‘Scottish currency should be called the thistle – lovely to look at but not to hold – made a serious point’. Join Kay and Allan Little as they discuss which, if any, of the currency options might work for Scotland.