If Scots are not paying taxes to the UK Treasury, they would not be standing surety as the Bank of England’s ultimate backstop. No Scottish taxpayers means no work for Scotland by the Bank of England. Of course, you could come to an arrangement in which there was an agreement to pool taxes for these macro-financial purposes, which would also entail some sort of political agreement as well. Guess what – these things are called a fiscal and political union, exactly what we have now and what the European Unions is laboriously trying to construct to prevent further euro crises.
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