Tim Rideout

Economist, Geographer & Cartographer, co-founder of XYZ Maps, Convener of the Scottish Currency Group.

[Tim Rideout @RideoutTim]

The Scottish Currency Group Q&A. All the answers you need. The Quick Guide to the new Scottish Currency. https://t.co/ftjwbjeD0g

[Tim Rideout @RideoutTim]

@moomintroll41 @SpiritualMB @Scotophile @SeaandSand0 @KeithFGordon Actually they do and they don't trust you, which is why you have a problem. 😂😂

[Tim Rideout @RideoutTim]

Just out of interest for all the folk that think the UK is such a safe ship and not at all like the Titanic:

[Tim Rideout @RideoutTim]

@moomintroll41 @SpiritualMB @Scotophile @SeaandSand0 @KeithFGordon

[Tim Rideout @RideoutTim]

@EastRenAsks @A_D_PHIL Of course it is fundamentally different. It means the residual GB£ become the property of the SCB. Redenomination means you destroy the GB£. The SCB ends up with £40 to 50 bn at the end of the exchange.

[Tim Rideout @RideoutTim]

@moomintroll41 @SpiritualMB @Scotophile @SeaandSand0 @KeithFGordon The data is totally rubbish. Scotgov does an annual survey of companies and less than 1% reply. They fill in some gaps with e.g. good data from the Whisky Association.

[Tim Rideout @RideoutTim]

@moomintroll41 @SpiritualMB @Scotophile @SeaandSand0 @KeithFGordon Of course pumped hydro can do that. We just need about ten times more than we currently have.

[Tim Rideout @RideoutTim]

@moomintroll41 @SpiritualMB @Scotophile @SeaandSand0 @KeithFGordon It actually doesn't, but the data is very poor. It does have an outflow on the current account of profits, dividends etc. The English trade deficit is over £100bn pa.

[Tim Rideout @RideoutTim]

@moomintroll41 @SpiritualMB @Scotophile @SeaandSand0 @KeithFGordon Assuming Hinckley Point and Sizewell C actually get finished then nuclear would be about 10% of English demand. What does Scotland need with nuclear when we have renewables by the GW and just need to sort hydro pumped storage for it?

[Tim Rideout @RideoutTim]

@SpiritualMB @Scotophile @SeaandSand0 @KeithFGordon However Scottish goods exports are over 20% of total UK goods exports. 40% of UK food and drink exports are from Scotland. That includes e.g, Gordon's Gin and Smirnoff which come from Fife.

[Tim Rideout @RideoutTim]

@EastRenAsks @A_D_PHIL There is no re-denomination. What is going to happen is all an exchange out of the GB£ and into the S£. Of course the entire public sector, plus the State Pension will all immediately convert to S£. That is around 50% of GDP.

[Tim Rideout @RideoutTim]

@SpiritualMB @Scotophile @SeaandSand0 @KeithFGordon rUK would not stay the same. For one thing the balance of payments would be much worse without Scottish exports. Energy will be a bigger problem too as it will be mostly imported.

[Tim Rideout @RideoutTim]

@moomintroll41 @NeilKing11 @ScotNational You are not correct. As Professor Laurentjoye is actually staying in my house just now I think I know better than you.

[Richard Murphy @RichardJMurphy]

Scottish independence could transform mortgages and pensions in Scotland https://t.co/i2bG4VPA09 Me in the @ScotNational this morning.

[The Scotland Channel @ScotlandTh82958]

SNP would be extremely foolish to ignore a report by currency expert, Professor Thibault Laurentjoye, which recommends Scotland should use it’s own currency on day one of independence. #ScottishCurrency #JohnSwinney #SNP #Scotland #Politics #News4Scotland #TheScotlandChannel

[Tim Rideout @RideoutTim]

@skarabrae580129 @A_D_PHIL @ScotNational I have Coop Bank accounts. In December they are all being moved to Coventry Building Society. If i don't like that I need to move somewhere else before then. Same opt out system as the Report proposes, in effect.

[Tim Rideout @RideoutTim]

@moomintroll41 @NeilKing11 @ScotNational It is voluntary. However, e.g. only an S£ cash ISA will have tax exemption. Anyone keeping a GB£ ISA will become subject to tax.

[Tim Rideout @RideoutTim]

@skarabrae580129 @A_D_PHIL @ScotNational The table applies to the bulk transfer of the accounts of everyone that hasn't signed an opt out application. The court order transfer is so that the bank does not need written consent for each contract/account. No different to the imminent transfer of the Coop to Coventry BS.

[Tim Rideout @RideoutTim]

@skarabrae580129 @ScotNational In most cases it will just be a movement within the same banking group, e.g. Natwest Bank/RBS plc. So there should be no problem for them. Some small banks may decide not to establish a Scottish subsidiary, but if necessary the SCB can intervene.

[Tim Rideout @RideoutTim]

@NeilKing11 @moomintroll41 @ScotNational We will do a simplified version for the public. We only got the report on Tuesday so not possible to do that in a couple of days.

[Tim Rideout @RideoutTim]

@skarabrae580129 @ScotNational Old GB£ loans get repaid. New S£ loans replace them. All other terms would stay the same.