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Independent Scotland Will Have Its Own Currency When ‘Time Is Right’, Sturgeon Says

An independent Scotland would temporarily keep sterling before switching to a new Scottish pound, Nicola Sturgeon has said.

The first minister gave a briefing on what could happen if the country voted for independence under a second referendum.

While outlining plans for a new Scottish pound, Sturgeon said it would not be “responsible” to set a timetable for how long they would continue to use sterling.

Sturgeon said a “stronger, fairer, more sustainable economy” for Scotland was only possible under independence.

She published a 108-page economic prospectus on Monday morning, setting out plans to use sterling as an independent Scotland’s currency, before moving to a new Scottish pound when the “time is right”.

The document also included details on how an independent Scotland would apply to become a member of the European Union.

Sturgeon claimed that an independent Scotland would lead to a reform of the energy market and bring down bills for consumers.

She said the Scottish government would set out “clear fiscal rules” to put the country’s finances on a sustainable path.

Speaking at her official residence at Bute House in Edinburgh, Sturgeon said it was “glaringly obvious” that the UK does not offer “economic strength and stability or financial security”.

Sturgeon said it was not possible to estimate the starting fiscal position of an independent Scotland due to the “turmoil” around the UK’s finances.

Taking questions from journalists, she said it would not be possible to move to the new currency on day one of independence, declining to give a number of years for how long Scotland would continue to use sterling.

“If you tie yourself into a timescale you end up doing it at a time that’s not optimal,” she said.

Sturgeon said the move to the new currency would be based on a set of requirements and criteria.

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