LAST week, a report commissioned by Sir Tom Hunter said the reasons to reject a currency union, as argued by the UK Chancellor, are “unsubstantiated” and fundamentally flawed.

The paper written by Professor Leslie Young, indicates the evidence on which the UK Government based its decision on currency union is flawed.

Professor Young argues the claims that Scotland would be an unreliable partner in such a union are “unsubstantiated”.

He goes on to say the reasons for ruling out a currency union were based on “loose analysis and misleading exposition” which have “diverted the debate on a grave constitutional matter onto non-issues”.

This report comes on the back of analysis from the Scottish Government that if the UK Government rejects a currency union it will cost businesses in the rest of the UK around £500m in transaction charges.

As the First Minister has indicated, the UK Government’s analysis on preventing a currency union fails to capture the benefits which both sides will gain through continued trade and imports/exports and also not having to change currency when doing business or visiting Scotland.

At the end of the day, the pound is Scotland’s just as much as the other nations in the UK and it’s common sense that the pound remains the currency of an independent Scotland.

This report totally demolishes the Treasury’s argument.

Finally, the cat is out the bag on Labour’s Cuts Commission as Johann Lamont revealed that Labour is looking at re-introduce a Graduate Tax.