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Project Fear in over-drive as desperate Osborne clings to currency union

Jonathan Edwards MP

Plaid Cymru's Treasury spokesperson, Jonathan Edwards MP, has criticised Chancellor George Osborne for attempting to scare the people of Scotland into keeping the pound.

In a speech this morning, the Chancellor said that if Scotland chooses to walk away from the UK then it walks away from the pound - a puzzling claim given that UK exports to Scotland in 2011 amounted to £49bn.

Mr Edwards said that Mr Osborne's comments were borne out of knowledge that the pound would be significantly weakened if Scotland left the currency union and accused the Chancellor of using bullying tactics in an attempt to make Scotland stay.

Mr Edwards said:

"Chancellor Osborne's comment show that 'Project Fear' has gone into over-drive having finally realised that a victory for the Yes camp is a very real possibility.

"Mr Osborne knows full well that the currency union benefits from Scotland's membership and is resorting to desperate tactics in an attempt to scare Scots into voting for the status quo.

"Just as the Welsh First Minister's embarrassing intervention proved when he threatened to veto a currency union - something he has no power over whatsoever, every incident of sabre-rattling from Better Together is a gift to the Yes campaign.

"Plaid Cymru has repeatedly made the case for sterling zone reform with Wales being granted a place on the Bank of England's Monetary Policy Committee, and clear accountability structures between governments, parliaments and the Central Bank so that monetary policy can be formulated in the interests of Wales.

"Based on this extraordinary positioning of the Westminster elite, the Treasury and the Welsh Government need to publish at haste their assessments of the number of Welsh jobs that would be lost should the UK Government prohibit Scotland from using sterling.

"It is a dereliction of duty to make grandstanding statements without publishing those assessments.

"It is a disgrace that the Westminster elite are willing to sacrifice Welsh jobs in order to score political points against Scotland.

"The Chancellor is trying to call Scotland's bluff but it just won't work. The more the Westminster elite try to scaremonger and dictate their future, the more the Scottish people will be drawn to vote Yes and choose the better alternative of a fairer, more prosperous nation."

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