Back in 1999 Alex Salmond was saying that Sterling is a millstone round Scotland’s neck. Now Nicola Sturgeon wants an “independent” Scotland to keep it for an unspecified period of time, probably some ten years, even though it would then become a foreign currency with monetary policies determined by a foreign power. Furthermore, Scottish banks would be under foreign supervision to stop them issuing more notes than Sterling that they have on deposit with a foreign bank.

We English should be flattered that since 1999, Sterling has become so wonderful that others are prepared to go to such lengths to retain it.