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A Trading Nation

Part of the debate – in the Scottish Parliament on 30th May 2019.

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Photo of Dean Lockhart Dean Lockhart Conservative

I will give way in a minute.

Will the new currency be the euro, which was the previous SNP position? No, because it has changed its position on that. Will it be the pound? Perhaps, but we do not know how long for. Instead, the SNP has announced plans to create a new currency that is untested, the value of which is uncertain and with an exchange rate that is unknown to our international trading partners. How can businesses in Scotland plan to increase trading relationships across the world and build a long-term global customer network or plan their currency hedging arrangements? The minister said that businesses have to deal in different currencies. Absolutely, but if a business does not know what its home currency will be and the value is uncertain, how can it enter into those hedging arrangements? The SNP is creating a level of uncertainty that is damaging Scotland’s business domestically and internationally.