Carney: shortfall in reserves likely for independent Scotland

Division of UK reserves on GDP basis will leave Scotland 10% buffer

Reserves shortfall likely for independent Scotland

An independent Scotland that "unilaterally adopts" the UK pound may start off with reserves at 10% of GDP, less than half of what is considered sufficient by many countries, said Bank of England (BoE) governor Mark Carney during a parliamentary hearing on September 10.

Scotland will vote on secession from the UK on September 18, and the pro-independence movement has hinted the country could adopt the pound even if the idea of a currency union is rejected, meaning it would effectively outsource

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