Scotland's referendum: What are the issues around currency?

What currency would Scotland have in the event of independence? It's one of the big questions ahead of September's referendum.

In the event of a "Yes" vote, the Scottish government says the pound would be kept as part of a formal currency union with the rest of the UK.

But the three main Westminster parties - the Conservatives, Labour and the Liberal Democrats - have ruled out such a deal, effectively saying that whoever is in power after the next UK election would block such a move.

Here, we bring together the main stories, explainers and official documents covering the issue.

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Sterling paper money
What's the current set up?

Pretty straightforward - pound sterling is the internationally recognised currency for the whole of the UK.

Find out more....

Currency debate explained

Keeping the pound: Claim by claim

What powers does Scotland have?

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What could change post-Yes?

The Scottish government says Scotland would continue to use the pound under their planned currency union. The Westminster parties have ruled out agreement - or have they? In March, The Guardian quoted an unnamed UK minister saying a currency union might happen if, for example, Trident stayed at Faslane on the Clyde.

Find out more....

White Paper - Scottish independence reports: Monetary policy

Currency union block could hurt firms, says Alex Salmond

Bank of England governor says Scots currency plan may lead to power loss

Could there be a currency deal involving Trident?

If not the pound, what could it be?

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What do the pro-Union parties have to say?

Chancellor George Osborne and Treasury Secretary Danny Alexander have been clear - saying it is wrong to suggest a currency union would happen. The chancellor says there is "no legal reason" why the rest of the UK would want to share sterling with an independent Scotland, and referred to advice from a senior Treasury official.

Find out more...

'Yes' vote means leaving pound, says Osborne

Osborne denies currency deal claim

Bank of England governor says Scots currency plan may lead to power loss

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Who is saying what, including the view of business?

The prospect of a currency union - or not - is a crucial factor to businesses throughout the UK. Some have said independence wouldn't be an issue, while others have contingency plans allowing them to move Scottish operations south of the border in the event of a "Yes" vote.

Find out more...

What businesses have been saying about independence

Should the CBI be worried?

At-a-glance: Currency in an independent Scotland

Your independence referendum questions

BBC's Brian Taylor on the currency debate

Liz Cameron, chief executive of the Scottish Chamber of Commerce, answers your questions about the independence referendum.

Finance Secretary John Swinney MSP answers your questions on the Scottish independence referendum in a BBC Scotland webcast.

Head of the Better Together campaign, Alistair Darling, was answering questions from website users

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Big reading - reports in full

More on This Story

Referendum issues

More Scotland politics stories

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Scotland Live

  1.  
    'No question' over Arrow smoke 12:48:

    There was "no question" the Red Arrows would change the colour of smoke trails to represent the Scottish flag at the Glasgow 2014 opening ceremony, UK Defence Secretary Michael Fallon says.

    Read arrows

    It follows reports the RAF aerobatic team was forced to change its smoke from blue and white to its usual red, white and blue at the last minute.

    Read the full story here.

     
  2.  
    Scots record breaker 12:39:

    Katie Archibald broke Scottish record in qualifying for women's 3000m individual pursuit and will take on Australian Amy Cure for the bronze medal at about 16:55.

    Katie Archibald
     
  3.  
    Games boost? 12:29:

    Irn Bru maker AG Barr has said it is on track to outperform Britain's overall soft drinks market, with a 5.6% rise in first-half revenue.

    Irn-Bru cans

    The Cumbernauld-based firm, which is one of the sponsors of the Glasgow 2014 Commonwealth Games, is expecting sales of £135m in the six months to the end of July.

     
  4.  
    Swimming success 12:18:

    Team Scotland swimmers are continuing to do well in the pool.

    Dan Wallace set a new British and Commonwealth record in the heats of the 400m medley, while Robbie Renwick, below, the Commonwealth 200m freestyle champion, qualified for the event's final.

    Robbie Renwick

    You can watch all the latest action in the pool live on the BBC Sport website.

     
  5.  
    Wales hurdler out following dope test 12:09:

    Team Wales 400m hurdler Rhys Williams is out of the Games after being charged with an anti-doping violation.

    Rhys Williams

    The 30-year-old former European champion says he is "utterly devastated" and denies knowingly taking any banned substance.

     
  6.  
    Pictures of the week 11:55:

    Check out a selection of your photographs of Scotland taken between 18 and 25 July.

    Picture of Glasgow 2014 opening ceremony
     
  7.  
    On today's show 11:43: John Beattie BBC Scotland

    Today, we will be discussing funding for athletes and headgear used by boxers at the Commonwealth Games.

    We will also be live at the pool and the judo. Join us from noon on BBC Radio Scotland or listen online.

     
  8.  
    Another Scottish judo win 11:35:

    Scotland's Patrick Dawson has won his preliminary round of 32 fight against Joseph Hell Bapou of Cameroon in the men's judo 73kg category at the SECC this morning.

     
  9.  
    Murdoch wins heat 11:24:

    Commonwealth champion Ross Murdoch has won his heat of the Men's 100m breaststroke following his gold medal in the 200m breaststroke last night.

    Michael Jamieson finished third in the same heat.

    Both men should be in tonight's semi-final at around 20:05.

     
  10.  
    Beattie meets... 11:15: John Beattie BBC Scotland

    tweets: Bumped into the wonderful @matthewcpinsent

    Matthew Pinsent and John Beattie
     
  11.  
    What a lot of pants 10:58: Graham Fraser BBC Scotland

    Forget all those amazing scenes in the pool last night. Surely the most memorable moment of the Games so far - barring the Scottie dogs of the opening ceremony of course - is the celebration of Gavin Rumgay in the table tennis.

    Gavin Rumgay celebrates in the table tennis

    Are those Team Scotland boxer shorts? Who knows. Some questions are best left unanswered.

     
  12.  
    St Helena to Glasgow 10:51:

    For most of you reading this page, it will take minutes or maybe a few hours to travel to Glasgow.

    So spare a thought for athletes from St Helena - an island in the South Atlantic - who spent 10 days travelling to get to the Games.

    St Helena team

    Watch a video diary of their journey.

     
  13.  
    Prisoner voting - your views 10:45: Via SMS

    Jeff: Prisoners should definitely have the vote. People change and deserve a second chance.

    Knowles in Inverurie: Surely the whole point of going to prison is you loose your rights. Some discouragement. Must be given to help preventing people offend in the first place.

    Gerry McSherry: Prisoners are part of society. Fact. Thus, they MUST have their "right to vote" respected. Otherwise, our society is fatally flawed,non-inclusive and uncivilised. Unionise our incarcerated!

    Stevie in Greenock: No prisoners should get a vote never mind those that commit murder. They bang on about human rights, what a front, wonder if they think about the rights of the victims. The minute you go to prison you lose the right to vote and long may that continue.

     
  14.  
    Exam reform delayed 10:39:

    Dozens of schools across Scotland are delaying the introduction of new Highers in popular school subjects, according to BBC Scotland research.

    New look Highers start in the new school year to tie in with the replacements for Standard Grades.

    Classroom scene

    But a significant number of schools have chosen to delay them for a year in some popular subjects.

     
  15.  
    Mother admits Mikaeel Kular killing 10:30:

    The mother of three-year-old Mikaeel Kular has pleaded guilty to killing her son in Edinburgh in January.

    Mikaeel Kular

    Rosdeep Adekoya had been charged with murder, but admitted the reduced charge of culpable homicide when she appeared at the High Court in Edinburgh.

     
  16.  
    Disappointment for Brownlie 10:28: Heather Dewar BBC Scotland

    Scotland's Caroline Brownlie has missed out on qualification for the womens 10m air pistol event at Barry Buddon.

    Caroline Brownlie

    The 36-year-old from Edinburgh finished 24th out of 28 in this mornings qualifiers. Brownlie had a disappointing first two rounds before improving in the final two. She finished with an overall score of 351-3x.

     
  17.  
    Camera spy 10:25: Louise Sayers BBC Scotland

    Just spotted the BBC's Gary Lineker doing a piece to camera next to the Science Centre.

    Gary Lineker
     
  18.  
    Your pictures 10:11:

    Chris Dwyer from Ullapool sent us this stunning shot of the sun setting along Loch Broom last night.

    Loch Broom

    You can tweet us your pictures using #ScotlandLive or email them here.

     
  19.  
  20.  
    Scots make their mark 10:03:

    BBC Scotland's Andy Burke has created a fantastic video montage of Team Scotland's success on day one.

    Scottish swimmer Ross Murdoch

    Watch it here.

     
  21.  
    Watch again 09:56: Graham Fraser BBC Scotland
  22.  
    Dutchman to leave Celtic? 09:51:

    Speculation surrounding the future of Celtic defender Virgil van Dijk continues.

    Celtic defender Virgil van Dijk

    Read Friday's Scottish gossip round-up.

     
  23.  
    Elderly drinking - your views 09:43: Via SMS

    Stan in Banff: My great grandfather had a nip everynight lived to 94.

    H in Edinburgh: It's more like UNDER 65s who need to cut down. As long as over 65s drink very moderately it is ok although must be moderate so to lower risk of falls.

    Anonymous: Not the over 60s who are carted into A&E every night of the week comatose through alcohol. If people want to drink let them get on with it but don't waste taxpayers money paying for NHS and police to look after them.

     
  24.  
    Which famous Scots can't vote? 09:37:

    They may have strong opinions on the forthcoming independence referendum, but many of Scotland's famous and respected names don't live in the country so won't get a vote.

    Gordon Strachan

    Read about them here.

     
  25.  
    Scotland third in the medal table 09:28:

    After day one of competition, Scotland are third in the medal table thanks to golds from swimmers Hannah Miley and Ross Murdoch and judo stars Kimberley and Louise Renicks.

    Medal table after day one

    There were also silvers for Aileen McGlynn and Louise Haston in tandem sprint cycling, swimmer Michael Jamieson and judo fighter Stephanie Inglis.

    John Buchanan, James Millar and Connie Ramsay (all judo) won bronze medals.

    England top the table with six golds, followed by Australia with five.

     
  26.  
    Scots to watch 09:21:

    Katie Archibald could medal in the women's individual pursuit on the cycling track. The qualifying is at 11:15, with the final at 16:55.

    South Africa's men are in action against Scotland in the hockey competition at 11:00, while Scotland's women will play Malaysia at 16:00.

    Robbie Renwick at Glasgow 2014

    In Netball, Scotland will play Saint Lucia at 17:00.

    Meanwhile, at the pool, Ross Murdoch and Michael Jamieson will be in action again today in the men's 100m breaststroke semi-finals at around 20:05.

    Robbie Renwick (pictured), the men's 200m freestyle Commonwealth champion, is also in action today. Heats begin at 10:30, with the final at 19:25.

    Don't forget, you can catch all the action on the BBC Sport website.

     
  27.  
    Keep the noise up! 09:11: Via Twitter Team Scotland judo player Connie Ramsay

    tweets: Anyone coming to watch judo today, please keep that noise up! It was amazing yesterday! I know yous can do it again! We want to hear yous!

     
  28.  
    Two through, one out 09:05:

    Aberdeen and St Johnstone progressed in the Europa League qualifiers last night, but Motherwell went out.

    Aberdeen players celebrating

    The Dons secured a 2-1 win in the Netherlands to beat Groningen by the same scoreline on aggregate while Saints won a penalty shoot-out against Swiss side FC Luzern. Motherwell went down 5-4 on aggregate against Icelanders UMF Stjarnan after extra-time.

    Spanish side Real Sociedad await Aberdeen in the third qualifying round while St Johnstone will face Spartak Trnava of Slovakia.

     
  29.  
    Where were you? 08:51:

    Everyone's talking about Scotland's golden night at Glasgow 2014. But where were you? Were you lucky enough to be at Tollcross or the SECC? And how did you celebrate?

    Louise and Kimberley Renicks

    Send us your comments and pictures on Twitter using #ScotlandLive, by email or you can text us on 80295.

     
  30.  
    Morning call 08:30: BBC Radio Scotland

    Kaye Adams leads today's debate from 08:50. With figures showing that almost one in five pensioners drinks alcohol at home every day, she'll be asking: should we be telling old people to lay off the booze?

    Elsewhere, judges in the UK's highest court ruled yesterday that prisoners should not be allowed to vote in September's referendum. Do you agree?

    We want to hear from you - call 0500 92 95 00, text 80295 or email morningcallscotland@bbc.co.uk.

     
  31.  
    Fans flocking to Glasgow 08:15:

    More than 100,000 people are expected at Commonwealth Games venues today during the second day of competition.

    Medal events are taking place in track cycling, swimming, weightlifting and judo at venues in Glasgow.

    Fans at Commonwealth Games

    The shooting medal event takes place at the Barry Buddon Centre in Carnoustie.

     
  32.  
    Wickerman gets under way 08:08:

    Thousands of music fans are heading to south west Scotland as the annual Wickerman Festival gets under way.

    Wickerman festival

    The event, at East Kirkcarswell near Dundrennan on Friday and Saturday, will see acts including Dizzee Rascal, Del Amitri, The Feeling and Martha Reeves and the Vandellas perform.

     
  33.  
    Re-live the magic 08:01:

    Bathed in sunshine, the opening day at Glasgow 2014 had many memorable moments.

    Triathlon

    You can re-live some of them here in our picture gallery.

     
  34.  
    Good Morning Scotland 07:52: BBC Radio Scotland

    The nation's morning news programme is on air now with analysis of all the latest national and international developments.

    You can listen live here.

     
  35.  
    RBS expects profits to rise 07:46:

    Royal Bank of Scotland has reported better than expected pre-tax profits of £2.65bn for the first half of the year, up from £1.37bn last year.

    RBS

    The bank said it had set aside much less money for fines and compensation than expected - down to £269m from £2.15bn.

    However, chief executive Ross McEwan warned of "bumps in the road ahead of us."

     
  36.  
    Another big day ahead 07:41:

    Following yesterday's success, there's more Team Scotland action to look forward to in the pool and in track cycling, with Michael Jamieson having the opportunity to put his silver medal disappointment behind him in the 100m breaststroke semi-finals at around 7pm.

    Michael Jamieson disappointed with silver at Commonwealth Games

    Robbie Renwick is also in action in the 200m freestyle, the title he won in Delhi four year ago. Elsewhere, Scots athletes are involved in boxing, badminton and squash.

    Keep across all the action on on the BBC Sport website.

     
  37.  
    Hot and sunny 07:30: BBC Scotland Weather Latest

    A cloudy and misty start around North Sea coasts with some mist also to be found through the central belt, burning back to leave another fine, hot day with plenty of sunshine.

    It's the last day of high temperatures, which could reach 27C or 28C across central and western Scotland at best. Cooler on the east coast and for eastern cities, but still pleasant once the haar moves away.

    For the Northern Isles, the haar lingers, but some good spells of sunshine coming through the west of Orkney where it could reach 23C. A risk of a few afternoon showers across the Highlands, set off by the high temperatures, some of which could be sharp.

    For a full forecast go to the BBC Weather website.

     
  38.  
    Latest updates
  39.  
    Golden night 07:12:

    Day one ended in a goldrush for Team Scotland with gold medals for sisters Kimberley and Louise Renicks in the judo and Hannah Miley and Ross Murdoch in the pool.

    Hannah Miley

    The home team won 10 medals in all, with the prospect of more to come today.

     
  40.  
    Welcome 06:56: Marianne Taylor BBC Scotland news

    Good morning and welcome to BBC Scotland Live. We'll be here until 23:00 bringing you all the latest news, sport, weather and travel from across the country, including all the action and atmosphere from the Glasgow 2014 Commonwealth Games.

    Keep in touch and send us your comments and pics via Twitter using #ScotlandLive, by email or by text on 80295.

     

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