George Galloway questioned the economic ideas of caller Paul from Glasgow after he suggested an independent Scotland would be able to continue using the pound. Paul had called in Mr Galloway’s The Mother of All Talkshows to insist Nicola Sturgeon would have been able to create a furlough scheme similar to England’s if Scotland were independent. But after the Glasgow resident suggested Ms Sturgeon could have done so while continuing to use the British pound, Mr Galloway launched into a scathing tirade dismantling his argument.
Paul said: “You questioned earlier on how Scotland would have been able to afford the whole furlough scheme had it not been for the UK Government.
“The simple answer to that would be Scotland would be independent and would pay for the furlough scheme in exactly the same way as the UK Government. Taxation, VAT, borrowing, possibly quantitative easing.”
Mr Galloway, however, intervened to challenge: “Quantitative easing of which currency?”
Paul simply replied: “The pound.”
JUST IN: Falkland Islands coronavirus case offers shock clue to where pandemic originated
The response immediately prompted Mr Galloway to point out a key obstacle to Paul’s argument: “But you would not be allowed to use the pound.
“You think the Bank of England is going to allow you to quantitatively ease its currency? What school did you go to?
“Paul, Paul, Paul if you are seriously saying on an international television and radio programme that the Bank of England would allow independent Scotland to quantitatively ease its currency…are you just out for the weekend?”
The former MP continued: “Never have I been lucky enough to find a Scottish nationalist demonstrate the absolute economic illiteracy with which they approach the issue of independence.
READ MORE: EU economy moments from DISASTER as companies prepare for major recession
Speaking in 2019, Ms Sturgeon said: “We will use the pound until such times as those concerns are not there about a transition.
“If we were not having a process guided by tests and robust governance then that would be one thing, but that is not the case.”
Scotland held a referendum on independence in the summer of 2014 which resulted in the loss of Ms Sturgeon’s Yes campaign by ten percentage points.
But a new Panelbase survey of 1, 026 adult Scots carried out between June 30 and July 3 found 54 percent of respondents are now in favour of breaking up the union.