Tan denounced the float as a 'de facto devaluation' and a unilateral dismantling of the sterling area
. (20) Britain's imminent entry into the EEC also worried Singapore and Malaysia--not from a trade perspective, but because there would be less UK investment and lending to go round.
The constraints on Scottish sovereignty from currency union would exist in a mooted sterling area
just as they would in the euro zone, however.
And the paper predicts: "Monetary policy will be set according to economic conditions across the Sterling Area
with ownership and governance of the Bank of England undertaken on a shareholder basis."
It is especially unfortunate that the British materials have not been used, because the chapter on the Marshall Plan and oil policy, in particular those sections dealing with sterling area
oil trade, are among the most original contributions of Painter's work (some of which appeared earlier in the Business History Review).
We in Jersey proudly enjoy our independence, and would urge the Scots (and our Welsh hosts, too) to join us as independent members of the Sterling Area
, sharing our currency - and our Queen - on an equal basis, while being free to look after all our own affairs.
First, there is nothing he can do to stop us using the pound - which is why a sterling area
will be agreed.
One is that Scotland should establish a "sterling area
sustainability agreement" that would be negotiated with Whitehall.
"A victory at Wimbledon for Andy Murray is not going to suddenly turn round the Scottish economy or answer how independence would cope with monetary union as part of the sterling area
He has resided in the Sterling area
for the past 25 years.
Britain abandoned the old sterling area
back in Harold Wilson's time, largely because friendly and trusting countries which held their national wealth in pounds became understandably less friendly and trusting when it was devalued.
When he realised the price difference, he returned the books and bought them in Derry City, just 20 miles away, but in the sterling area
. "Not many people can pop across the border but it was certainly worth my while.
Over and above any pure commercial usage, gold served a political end -- maintaining the influence of what was known as the Sterling Area
. A Cabinet Office study of 1949 stated the issue clearly: