Quote of the day (sorry, Brexit related)

[Talking Heads]

Originally Posted by Seeker

...and Tunnocks Caramel Wafers of course, they are definitely barterable too (is that a word?)


Incidentally, isn't Brexit Scotland's fault?

The Labour party would have never held a referendum but it's extremely difficult for the Labour to win an election without the support of Scottish Labour. When Scotland switched from Labour to SNP it allowed the Tories to rule (endlessly) continue with austerity and offer the referendum.
Ergo, Brexit is Scotland's fault QED.

Nice try but no, here's the Labour leader of the time explaining his preference for tory government.

https://www.theguardian.com/politics...-time-election

As for Austerity, Labour have enabled it.
They have relentlessly either voted with the tories or sat on their hands and done the sum total of hee haw
to fight it.

https://www.independent.co.uk/news/u...-10403340.html
https://www.independent.co.uk/news/u...-10404831.html

[SV650rules]

https://www.telegraph.co.uk/finance/...-answered.html

This is interesting, especially about all Scottish mortgages being in Sterling so people in Scotland with a mortgage would have a 'foreign currency mortgage' and if rates in England and Scotland diverged the Scots could easily find themselves 'in negative equity '.

[Bibio]

i dont think people actually get that there is NO legal tender in Scotland so there is NO money in Scotland. all the money is in the BOE. if Scotland decides that it wants its own currency (dont need independence just a change in the law) then for every £ the Scottish banks hold in the BOE the BOE has to give in exchange to the Scottish banks for their legal tender. BOE's worth would plummet overnight which would have a knock on effect devaluing the GBP. with Scotland having a new tender then the chances are the market would rush to purchase some. this in turn would make the new Scottish tender worth more then GBP.

personally i would much rather have a legal tender that trades on the market than no tender at all.

[ophic]

Don't think you've quite understood legal tender.

It's something that must be accepted to pay a debt. So if you owe money, and you pay it in legal tender, it must be accepted. If it's not legal tender, the person you owe money to doesn't have to accept it.

So if there is no legal tender, the person you owe isn't obliged to accept anything at all - or can specify unreasonable methods of payment.

In your example, the speeding fine could be paid any way the judge insists.

[Bibio]

yes you are correct but when a country has no legal tender it has no money as its not legal for trading purposes. in England you can pay your debts, shopping etc.etc with the GBP as its legal tender so everyone in England has to accept it.

money in Scotland is accepted as a courtesy an IOU if you like with each bank having a "promise of redemption" e.g. Sterling. its all to pull the wool over peoples eyes in the fact that there is no money (legal tender). in Scotland you MUST come to an agreement about payment which can be anything in reality like if your a farmer then some of your livestock or crops, the court MUST come to an agreement about payment regarding "means". Scotland is still on the barter system....

[ophic]

Legal tender doesn't mean the same as legal currency.

[Bibio]

tomatoes tomatoes. https://en.wikipedia.org/wiki/Legal_tender https://en.wikipedia.org/wiki/Banknotes_of_Scotland

its different in Scotland as our laws are different. our notes are an IOU.

[ophic]

Originally Posted by Bibio

tomatoes tomatoes.

Really? Who's splitting hairs here?

Scots law dictates that any reasonable offer for settlement of a debt be accepted. Therefore you don't need legal tender. Or alternatively, legal tender is any reasonable method.

What's reasonable? Well here it falls into the same trap as many English laws. Ultimately it's what you can convince a judge to agree with. Not exactly specific or in many cases even consistent.

Good luck convincing a judge that it isn't reasonable to pay a speeding fine with good hard cash

[ophic]

Oh and TH was right, Royal Mint coins are legal tender in Scotland. £1 and £2 coins for any amount.

[Talking Heads]

Originally Posted by SV650rules

https://www.telegraph.co.uk/finance/...-answered.html

This is interesting, especially about all Scottish mortgages being in Sterling so people in Scotland with a mortgage would have a 'foreign currency mortgage' and if rates in England and Scotland diverged the Scots could easily find themselves 'in negative equity '.

Or could just as easily find themselves with cheaper mortgages.
Pound sterling future not looking too rosy at the moment....