AN independent Scotland would have "very little freedom" to pursue its own economic policies under SNP plans to join a currency union with the rest of the UK, an economist has said.
Professor Gavin McCrone said an independent Scotland's key policies would have to closely mirror the UK's if a currency zone could be agreed. Speaking ahead of the publication of a new book on the economics of independence, he said: "What it really means is that there would be very little freedom. You couldn't obviously have a separate monetary policy if you are in a currency union, because you have the same currency.
"Look what's happened in Europe. They are moving towards a situation where they are trying to get a real control of each other's fiscal policy in order to stop some countries building up huge debts."
He warned the SNP's flagship policy to cut corporation tax would cause "all sorts of problems" and face opposition from the north of England. He backed plans for an oil fund but warned an independent Scotland would not be able to pay into it "for quite some time".
Scottish Labour's finance spokesman, Iain Gray said: "Professor McCrone has, yet again, called into serious question the very foundation of the SNP's economic platform for separation." A spokeswoman for Finance Secretary John Swinney said: "An independent Scotland will keep the pound as part of a sterling area alongside taking on full responsibility for levels of taxation, revenues and public spending in Scotland."
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