BoE develops contingency plans for independent Scotland

The Bank of England has developed contingency plans for an independent Scotland, according to reports.

The FT reports that BoE governor Mark Carney has acknowledged uncertainty around “currency arrangements” could raise issues for financial stability.

This has caused the central bank to develop contingency plans for an independent Scotland.

With the Scottish public due to go to the polls on 18 September, the issue of which currency an independent Scotland would adopt has continued to cause debate.

When asked by the FT about the plans for an independent Scotland, Carney said: “Whatever happens in the vote, the Bank of England will be the continuing authority for financial stability for some period of time, certainly over the interim period, and we will look to discharge our responsibilities accordingly.

“We have contingency plans we develop . . . I would underscore in terms of our responsibilities for financial stability we have a wide range of tools and plans.”