Island accountant Roddy Cunningham called on the audience at a recent ‘Better Together’ meeting in Stornoway to redouble their efforts in support of a ‘No’ vote as the campaign enters the final straight.
Mr Cunningham chaired the meeting with Prof Ronald MacDonald, a currency expert who holds the Adam Smith Chair of Political Economy and has island connections, who believes independence would be costly for Scotland.
At the meeting Prof MacDoanld said: “The First Minister makes much of the current austerity regime. But compared to what an independent Scotland would require, you ain’t seen nothing yet. People could end up in a far worse state than at present.”
One of the main points made by the Professor was a concern about the need for Foreign Exchange Revenues if Scotland was not part of a currency union with the UK - he predicted £40 billion of reserves would be needed.
Meanwhile he insisted a currency union with the rest of the UK would not work in an independent Scotland.
The Professor also said he thought it “inconceivable” that the Bank of England would continue to act as lender of last resort for the Scottish banks unless they moved their headquarters to somewhere within the continuing United Kingdom.
Mr Cunningham said the Professor pointed a “grim but realistic picture” before urging the audience to redouble their efforts in support of a ‘No’ vote in the final days before the referendum on September 18th.