TOT: currency in an independent country

Scott · 2019-04-27T08:24:17+00:00

Seems the SNP wants another independence referendum and is looking atintroducing a separate currency. They are to discuss this at theirconference. What would happen in practice? I understand the shops could becompelled to accept a new currency as it would be legal tender forsettlement of all debts. Money paid out by the government would be innew currency.What would happen to existing bank accounts denominated in Sterling? Iknow with the euro there was a compulsory conversion, but that wasbecause the old currency was to be abolished. If a bank is based inScotland (RBS) could the government compel conversion? What if thebank is based in England (Barclays)? What about dividends paid inSterling? Could they abolish ISAs and tax existing holdings as foreign incomewith no tax relief?