The issue for the First Minister is that he knows that the currency union that we have right now—one that works only because we are part of the United Kingdom—is the very best option for Scotland. The stability and security of the UK pound is trusted and understood the world over and that is why he is desperate to salvage as much of it as he can.

The First Minister’s problem is not that he does not get it; it is that he cannot sell it. Every option that he has on the table—from a currency deal without a willing partner to sterlingisation or an 18-month transition to who knows what—is less than we have now and the people of Scotland understand that. Why should we settle for second best on the currency when a simple no vote will let us keep everything that we already have?