there is no way there is going to be a currency union.of that to me as a businessperson looks very attractive. is current situation extremely attractive and the risks are genuinely there. this is not a scaremongering exercise. it is a business reality. >> are you making plans? have you and the board discussed what you would do in terms of the size of the business? 5500 employees. there is a host of issues. what is on the agenda around that or table? >> the problem is, the level of uncertainty. what is extraordinary is there are claims that we can -- the pound will continue. i don't see that happening. there are lots of people in europe who will object to scotland becoming part of europe. ae problem we have from business perspective is, it is not clear how this will plan out. what most businesses have to do is carry on. what we will have to do is review the investment plans. we don't understand what environment we are coming into. repriceple, you have to and relabel. we trade across lots of country borders. this is not a small undertaking.

i am skeptical that there would be a formal currency union.d i am sorry if you thought that i was sent -- that that was what i was saying. i do think that the sites on the today have become quite polarized, and the no side has partso definitive, and so -- some parts have gone beyond that and saying that the next u.k. manifesto was saying that we will not have a currency union, that it will be hard to move away from that position. when i was suggesting was that there would be an interest in a stabilization process, most likely around and informal use ing by an independent scotland. perhaps we have seen the first stages of that stabilization process in the announced an's of of all theuncements major banks in scotland saying that in the event of a yes vote they would move their headquarters, and not necessarily their activities, to london, so that there would be a lender of last resort. that is one way of managing some of those transitional issues. that both point was sides, including the u.k., which would be bearing uncertainty around currency,

the implication of that is that a notionally independent scotland under currency union would not have a great deal of autonomy and independence the way it runs its economic policy. again that ising that hasn't really been, in my time in scotland, something that was not really coming through in the argument what a currency union would mean for an independent scotland. even if you accept charlie is right the establishment would ultimately want to do a deal between england and scotland because they wouldn't want a crisis north of the border, politically it is not at all clear to me that it would be possible for them to do so. one of the ways to think about is the following. the striking thing about this referendum just how little england actually seems to care what is going on in scotland. one example, quebec, had the last referendum on the weekend beforehand there was several hundred thousand people i think marching in the streets of montreal. canadians from outside of quebec, asking quebec to stay. there will be no demonstrations like that in scotland. that is not happening. that is no

i am skeptical that there would be a formal currency union.d i am sorry if you thought that i was sent -- that that was what i was saying. i do think that the sites on the today have become quite polarized, and the no side has partso definitive, and so -- some parts have gone beyond that and saying that the next u.k. manifesto was saying that we will not have a currency union, that it will be hard to move away from that position. when i was suggesting was that there would be an interest in a stabilization process, most likely around and informal use ing by an independent scotland. perhaps we have seen the first stages of that stabilization process in the announced an's of of all theuncements major banks in scotland saying that in the event of a yes vote they would move their headquarters, and not necessarily their activities, to london, so that there would be a lender of last resort. that is one way of managing some of those transitional issues. that both point was sides, including the u.k., which would be bearing uncertainty around currency,

a formal currency union, carry on using pound without the rest of the uk, joining the euro or creatingttish currency. the first, a formal currency union is when two or more nations use the same money. you row is an example. it means scotland and rest of the uk would share a central bank, the bank of england. pros include minimal disruption to business and scottish banks would be backed by a strong central bank that would act as lender of last resort protecting favors from financial failures. cons include interest rates set in london. taxpayers outside scotland would be on the hook if scottish bank went to bust. the second, scotland would carry on using the pound without a union in an arrangement called sterlingization. other countries do this. panama uses without formal agreement. mont negative row uses you rows but not in the union. on the down side, scotland could control interest rates. bank of england would no longer be the last resort. it could lead it to raising large amounts of money. scotland aims to join the eu. new members have to pledge to adopt the you row. pros being part

s> my answer to that, it i possible to have a currency union between the rest of the u.k.ovided the institutionsar are run by the uk, and are subject the rest of the u.k.'s government's law. final decisions on the objectives of the central bank and regulatory law. and scotland by treaty simply accepts it. what we cannot have is a structure that is based on accountability of the core institutions, regulatory institutions, the central bank which are more of the same to more than one government. we've seen that creates disorder and chaos. if you think what would've happened in the crisis if w the goucher with another governmente to negotiatewe had with another government. i want the central bank to deal with british crises in response to my government. not in negotiating with a foreign government. it,he scots can have provided that they accept less influence over the monetary regime. >> so, independence without independence technically. >> in monetary areas. i will not talk about other aspects. in fiscal, that might have a little more. in the monetary sphere, they can have a

there is no way there is going to be a currency union. none of that looks very attractive. the current situation is extremely attractive. the risks are genuinely there. >> markets woke up to this story a couple weeks ago with that first yougov poll. we spoke to socgen. they are saying in france, the u.s., it is all they are talking about. implications for many parts of the world. >> whether it is catalonia in spain, venice in italy, flanders in belgium, people all over europe watching. >> thank you very much indeed. anna edwards will continue the conversation in the next hour with john swinney. the yes campaign would like us to call him scotland's finance minister. we may be getting ahead of ourselves. we will talk to him about whether or not he can secure the pound for scotland. john claude juncker is said to unveil the makeup of his team later today. the new european commission will be announced at 12:00. hans nichols joins us now to talk about who will be in the running. we already know a few of the names. what are we expecting? >> we are expecting an eastern looking tea

he got his hands full with managing a possible currency union.t is assuming there is a yes vote. there's a bit more waiting room if you like, patience if you like. >> jan, good to chat with you. jan randolph at ihs global insight. >> the kremlin has placed one of russia's most richest man under house arrest. after the break, we are in moscow to find out exactly why. ♪ >> welcome back. we will look at the bloomberg index. .t is correlated he looks at the pound, the euro, the yen, and so forth. ahead of the big fed decision later, it is just slightly higher today. interestingly out of those 10, it is the only currency that has risen year to date forward 12 months or six months or one month or one week as long as all of those periods that it has risen. on the debate centers phraseology. will they still drop this considerable phrase from its statement to 32% of fixing the economy. the fed willsay stick to his pledge to keep rates near zero for a considerable time after it finishes its bond richest is. the language could spook investors. that is what

there is no way there is going to be a currency union.ent situation extremely attractive, and the risks are generally there. -- genuinely there. is not scaremongering. this is sober reality. >> have you and the board discussed lands of what you would do into -- discussed plans in terms of what you would do? there is a host of issues. what is on the agenda when this comes up? >> you have put your finger on it. part of it is the level of uncertainty. the pound wills continue. i just don't see that happening. there are lots of people in europe who will object to scotland becoming part of europe. the problem we have is it is not clear how this is going to pan out. most businesses have to carry on. you are not going to pick up the shops and move themselves of the border. we will have to review investment plans. we don't understand what environment we are coming into. they have 30,000 or 40,000 product. you have to reprice or relabel all of that. this is not a small undertaking. let's see what happens, but let's pause and wait. >> you have mark

the bank of england governor has spoken out against a currency union. he calls it, incompatible with sovereignty. a major british political parties agree with him. it is unclear if an independent scotland would be a member of the ee you. that depends on how the currency issue is resolved. it had to apply for eu entry, scotland would most likely have to adopt the euro. i'm unpopular outcome. the queen of england has been reticent on scottish independence and undoubtedly doesn't want to see the union torn apart during her reign. she would most likely remain monarch of scotland as she is for most commonwealth realms. >> the u.k. would face a host of uncertainties. let's get the perspective from london. you've heard a little bit about what scots have been saying. what are londoners telling you about the vote? >> i went to a popular tourist destination and i talked to vendors of shops and i could not find a single vendor who, as they put it -- whether they are concerned that they will, in the future, be able to sell products full of union jack's and that is

i am skeptical there would be a formal currency union. i am sorry if that is what you thought i was saying. i do think the debate has become quite polarized and the no side has been so definitive in some parts have gone beyond that by saying the next u.k. manifesto for the labour party as saying we will not have the currency, that it will be very hard to move away from that position. was there suggesting would be an interested in mostlize a should process, likely around and in formal use of sterling. have seen the first stages of that stabilization process and the announcement of all of the major banks with headquarters in scotland yesterday saying that in the event of a yes vote they would move their registered headquarters, if not necessarily many of their activities, to london so there would be a lender of last resort, which is one way of managing those transitional issues. that both point was sides, including the u.k., which would be bearing uncertain see around currency -- uncertainty around currency, uncertainty around business with

the currency union is an example. the liability and exposure of lack of control such a union would levy on the european taxpayer makes it an obvious nonnegotiable position for the u.k. government. all of the major local parties and westminster have made it clear that sharing the pound will not happen. that is why we wanted to see what the scottish government alternative land would be. the absence of certainty for such a fundamental component of a commercial environment makes it extremely difficult for businesses to plan. this leads me onto questions around eu membership. it is already clear that as a new state, scotland would have to leave and then reapply to join the eu. it would have to negotiate terms of membership which would require the agreement from all 28 member states. to achieve these may well mean considering, if not signing up, for the euro which would in turn create a border between england and scotland, and northern ireland, hampering trade between countries. the question is whether all of this negotiatio

the currency union. establishing their own currency. >> what is most likely? >> it depends. know, the u.k. government and the main opposition labor party has said, the government and the main opposition has said basically that you're are not going into a formal currency union,. so, the choice is then broadly, in formal linkage or different currency. i think it is technically feasible that scotland could have an informal link and it starts off using sterling notes and coin anyway. so, that is one constraint. careful have to be very with its financial system and its fiscal issues and it would need a whole load of reserves as well. andnically, it is possible you probably get less uncertainty, particularly in the short term doing that than saying, ok, we will have our separate currency. if scotland is independent, we will have to read to nominate everything. thinking about a lot of volatility in the pound, what becomes a scottish pound and what hurricanes a u.k. pound. >> the fact that we saw the banks announced think yesterday that they would lose their headquarters south of th

the smp leader would like scotland to continue using the pound in a currency union with the rest of thenited kingdom a bit like the eurozone, although some may think that's not a very happy analogy. but british leaders have said that's not possible, you can't do that. so the question then is, would scotland use the pound anyway rather as panama uses the dollar, though it's not part of the united states? that's a key question to take a lot of question. then the question, the division of the assets and liabilities and scotland's oil wealth. there are a large number of problems that have to be discussed. >> national debt as well would be one of those, scotland's contribution there? >> indeed. and the scots have said, or alexander said if scotland doesn't have a currency union, she would repudiate her debts that she owes and that would cause a few problems on the currency markets, i think. >> if they vote yes, and there's the queen on the front of many of the papers, what would her role be? >> that would be up to the new scottish government. but the snp say they'd like to keep the monarchy,

is the uk going to let scotland join the currency union. there is question whether it could join the euro. first it would have to apply scotland independently to the eu and then join the euro zone. and then the third option is an independent currency which also could take time to work out. the bottom line is that the uncertainty about this question and it is an economic question that could trigger bank runs, confusion, uncertainty is what is driving the pound lower today. that risk is really starting to get considered for the first time. >> and the pound did drop but i am wondering when uk or scottish citizens detect some of the uncertainty in the market do we see people start to horde the pound or the euro depending on which way they think the currency play is going to go? you could see some say a run on some of the banks. others say that is not a possibility. >> you have to look at some of the biggest british banks with scottish exposure. you can see those trading down. the deposits, what happens to that, all of that is a what if at this

sovereignty and the currency union are incompatible. he is right. many of us point out in many years in relation to another currency. this is not an opinion poll. it is not an election where you can results four five years later. it is a permanent decision that would affect generations and fair for the votes cast next fears they will be the most important vote that can be cast in any country at any time and the voters must way that vote heavily. >> next week's decision as he rightly said was about much more than that. for sure there must be changed. we must have that and we will but not by tearing this country apart. we must not become foreigners to each other. >> the right hon. lady puts it extremely well. we want the best for scotland as we all want the best for our own constituents in all parts of the u.k. and the people of england, wales and northern ireland police scotland is better off in the u.k. and the u.k. is better off with scotland and it. this referendum is the most important choice for people of scotland will ever make. a choice between

but the currency union issue, scotland is a massive exporter.the balance of payment, scotland has got massive exports, whiskey, drug discovery, you name it, we're exporting it. but the rest of the uk has got a balance of payments deficit. if you remove the assets and the exports from the equation of a currency union, the pound will plummet. >> that was cbi president mike rake and kenny anderson of business for scotland. >>> the news continues here on cnn. u.s. forces scope out isis targets in syria, and they may have new authority to take out leaders of the brutal terror group as well as its fighters. >>> plus, one of the worst weeks ever for the national football league in america. now it's getting worse. another one of its biggest stars is in trouble with violence against a loved one. it's part of a story line we continue to see. that story next. >>> welcome back to our viewers in the united states and around the world to our continuing news coverage here on cnn. thank you for watching. i'm george howell. here are your world headlines this hou

politicians in westminster have ruled out a currency union with an independent scotland.he yes side accuses them of bluffing, saying it would be in their own interest to share. there are warnings that thousands of jobs in scotland's finance industry are at stake. big banks like rbs and lloyds say they will move to london if the yes side wins. trade is another hot topic for scottish exporters. the whiskey industry is worried about losing access to the european union market. the european union has said scotland's membership will not be a given. >> we've got a great u.k. diplomatic network, very focused on trade promotion. we are a biggest country that can really get -- a biggish country that can really get access. >> the yes and no camps are undivided -- are divided about the size of reserves. the government present's reserves over 48 billion euros in the next five years, more than double the british forecast. both campaigns have promised a more prosperous scotland. it is now up to the voters to choose. >> we will turn our attention now to australia. the country has issued

a currency union would benefit the two new nations. financial oversight might need negotiating.pact an independent scotland. >> the currency union is incompatible. >> politicians and policy experts say most ordinary brits outside scotland say the scottish should lose the power of the pound. there is another intriguing option. the scots could simply use it without u.k. consent. just like panama spends the u.s. dollar without the american say so. >> very good explanation on what would happen. thiseople seriously taking referendum? >> one of the interesting -- the the yes vote people who want the union to stay together are not talking about it. is nobody knows what's going to happen. there was a meeting of lawmakers in london who were asking the banks, what does this mean? needid a currency would more than $200 billion in reserves. that will be a big question down the line. >> how do they raise that? >> if the vote goes ahead, there will be negotiations over the share of the u.k. reserves. is the new scottish government going to have to raise taxes? how will they raise that money?

the governor of the bank of england said that sovereignty and a currency union are incompatible and he is right. many of us have pointed that out. be certain of this. pollis not an opinion where you can change your mind the next day. it is not an election. decision thatent will affect generations, and therefore the vote cast next thursday will probably be the most important vote that can be cast in any country at any time. the voters must way that vote heavily. jobs, pensions, taxes are important. next week's decision is about much, much more than that. for sure, there must be change. but not by tearing this country apart. we must stay as families, not become foreigners to each other. absolutely -- the right honorable lady puts it extremely well. we all want the best for scotland just as we all want the best for our own constituents in this house. the people of england, wales and northern ireland leave scotland is better off in the u.k. and the u.k. is better off with scotland in it. this is the most important choice the people of scotland betweenr make, a choice the opportunity and se

when you look at what garner carney has been saying, he has been very diplomatic on the currency union issue. he has given his views to a certain extent. where he hasn't given his view is whether -- what a scotland yes means for monetary policy. >> it won't be a considerable time before we have the opportunity -- we will do it a little bit later. two words getting everybody excited. thank you very much indeed. we will bring you those minutes later. now to our top corporate story. alibaba arriving in london today ahead of its ipo. yorks start trading in new friday. it could be the world's biggest ipo ever. ryan chilcote is live outside the roadshow. over to you. lastis is alibaba's opportunity, this meeting that is going to begin in a few hours, to pitch their story to investors. the investors that come to this meeting would have probably already put in their orders for alibaba shares before the meeting begins, because the order books are closing. the reality is that many investors are unlikely to get allocated shares given the fact that this is a u.s. listing. most of the shares will p

there will be no deal over the currency. unionve fiscal monetary union if you do not have fiscal union. alex hammond says that the westminster politicians are bluffing. he says they will change their tune and will be falling over themselves and get the scots to stay inside the pound currency union. say they do not think scotland will be able to keep the pound if they vote for independence. >> thank you very much, anna. >> we want to bring in our guest host for the error, kate moore. does this change the way mark eventuallyues his tightening monetary policy? >> that is a really good question. one of the things we have seen in 2014 is a massive differentiation across the fellow markets in monetary policy. something struck me about that earlier segment which was the statement, we cannot have a disconnect between monetary and fiscal policy. you cannot have separate fiscal and monetary policy in this scenario. i don't think that's true. think about the eurozone. we are waiting for greater fiscal unity. we are waiting for greater instit

i am skeptical that there would be a formal currency union. and i'm sorry if you thought that that's what i was saying. i do think that the sides in the debate have become really quite polarized, and the no side has been so definitive, and some parts of the no side have gone beyond that by saying the next uk manifesto for the labor party will say, we will not have a currency union. it will be very, very hard to move away from that position. what i was suggesting was that there would be an interest in a stabilization process, most likely around an informal use of sterling by independent scotland. perhaps we're seeing the first stages of that stabilization process in the announcements of all of the major banks with headquarters in scotland yesterday saying that in the event of a yes vote, they would move their registered headquarters, if not necessarily many of their activities, to london, so that there would be a lender of last resort. which is one way of managing some of those transitional issues. and my broader point was that both sides, incl

while a currency union they say would benefit the two new nations and on the budget arrangement, fiscalules might need negotiating. the banks of the whole united kingdom said that such rules could impact an independent scotland. >> the currency would be incompatible with that change. >> don't forget politicians and policy experts. in the polls say that the scots should lose the power of the pound. that would be like using it without the u.k.'s consent. just like, spends the u.s. dollar without america's say-so. >> for more on what to vote for on scottish independence, we have peter coy and john brown, he is a senior marketing advisor for european companies. blanchflower. -- and danny blanchflower. he has some scottish ties as he is a lecturer at a university in scotland. let us again with you danny. if you could cast your vote, what would it be? >> i am going to stay on the fence on that one. i know so many people on both sides. my vote is to close -- too close to call. the election is too close to call. it is best to keep mum on this. my son-in-law, who is scottish, does not know eithe

such a currency union is the eurozone the. however, the focals here will loom ahead if indeed they want to adopt the euro before long. two years of erm2, they have to adopt their own national currency, the scottish pound. >>> more balance in the weakness in sterling this week is not so much related to what will happen to sterling in the instance of a yes vote. it's the general political uncertainty that surrounds what will happen if part of the uk separates. >> yeah, it is. and there are concerns that preliminary upheaval that comes on the back of that yes vote, indian certainty, maybe only part of the problem facing the economy as a whole. indeed, uncertainty about the political outlook could force businesses to delay investment decisions, could delay their employment consideration. and both cups, really, if you wish. what will happen is all the scottish pension funds, scottish fans, the bank of england of last resort will cover those banks if scottland were to do that. it's likely to have a significant impact as it goes beyon

the are real risks reality is extra cost with a new country and there is no way there will be a currency unionconomically the uncertainty for scotland is overwhelmingly on the negative side. that's what we will talk about scotland, when it comes to scotland you can't get more scottish than scotch. --skey is the background backbone of the food and drinks economy. how will it fail if they go independent? >> this old farmhouse doesn't give away much but the hind the stone walls, liquid gold is bubbling. this is the whiskey distillery, the oldest operating in scotland. it is a small part of their whiskey empire. you get a sense of scale when you look around the storage site. of 56 on this site so that makes about 1.2 5 million barrels here. that is a lot of whiskey. business is a patient's game. to be called scotch, it must be aged for three years here in scotland. distillers, developing flavors is about the barrel. once these have been seasoned by american whiskey they are shipped over intact to scotland where we reuse them for scotch whiskey. >> the value of scotch exports has doubled in the las

they say a currency union would benefit both nations. i natural might the negotiation.of england says the rules could end up -- could impact an independent scotland. >> the credit union is incompatible. >> the polls say most ordinary brits say they should lose the power of the pound. aother intriguing option with tradable currency like that sterling -- they could use it without consent, just like panama spends u.s. dollars without u.s. say so. >> my colleague joins me now in this duty of. how seriously are people taking this idea that scotland might continue to use the pound sterling? >> one thing that's important to note is lot of the campaign against independence don't want to talk about contingency plans in case it seen as a weakness. yesterday, the bank of england was talking to a treasury committee and inside the parliament, he said one of the crucial things is making sure forreserve suspicions independent to operate independently. >> how big might these reserves be? >> he was talking about in a size, 100% of the gdp would be necessary. it's obviously going to be v

a temporary currency union collapsed after six weeks. the slovak currency devalued massively.the rocky start, the slovaks have caught up. >> 62% of czechs now few days ago europe announced slovak has the same as czech. >> today czech and slovaks regard their velvet divorce as a success. that doesn't mean there isn't nostalgia for czech slovak. >> people are are happy it happened that way. there was no war or something. still there are few things which are still there in my mind that this was not perfect in some ways. >> comparisons with scotland, unlike the czechs and slovaks, the voice of the scottish people will be heard. >> so at the moment those polls saying this referendum is too close to call. one thing geeta that is certain is that on friday morning, scotland will wake up to a different future. whether you vote yes or no, the one thing people are unified are on is the fact they want change. whether change having independent country or simply seeing more powers in the scottish parliament behind me. more powers on things like tarks decisions on health care which is what t

of risk, and in a world where so many smaller countries are looking into a successful stable currency unionit is really something to be pulling out of it. >> let's talk about something you warn about, and that is a brain drain. explain that. >> i grew up in rochester, new york, across the border from canada, and i watched what happened to quebec when they had a near miss on this. they consider a vote for independence. they voted no. but after that nobody trusted that it wouldn't happen again. so quebec is french speaking, and many of the english-speaking businesses and others moved out of quebec. it really lead to a long lasting slow growth and recession in quebec for decades. and scotland may face something similar if they don't quickly regroup even after a no vote. because david cameron has offered to devolve powers to scotland, and he wisely did that when he wasn't getting traction, but it could be higher taxes, and people might worry that there will be another vote. i think it's a different setup than in canada, but that's sort of my concern that it is generates this longer term instabi

>> the no campaign is saying we will not have a currency union with scott land.y are, instanszs like panama that uses the u.s. dollar, london is basically saying, if you want to use the pound you have to use it in that context. you won't have a central bank, you won't be able to borrow as much. and you won't have control over your currency. the pretense that they will have control over their economy is not true. this was debated two months ago in real depth. it's still lingering about, it worries people, pensions and mortgages are all linked to the british pound here, and the examiner is saying in his argument, hold on a minute, we have a right to use the pound, because we're not splitting away from the united kingdom all together. we're part of the united kingdom. we have rights to certain assets, we're going to find a way of using the pound. it's one of those big question marks the no campaign keeps entering to the debates. it adds this element of doubt which makes you start wondering whether it's worth the risk, will your kids benefit from it? >> very interest

sovereignty and the currency union are incompatible. he is right. many of us point out in many years in relation to another currency. this is not an opinion poll. it is not an election where you can results four five years later. it is a permanent decision that would affect generations and fair for the votes cast next fears they will be the most important vote that can be cast in any country at any time and the voters must way that vote heavily. >> next week's decision as he rightly said was about much more than that. for sure there must be changed. we must have that and we will but not by tearing this country apart. we must not become foreigners to each other. >> the right hon. lady puts it extremely well. we want the best for scotland as we all want the best for our own constituents in all parts of the u.k. and the people of england, wales and northern ireland police scotland is better off in the u.k. and the u.k. is better off with scotland and it. this referendum is the most important choice for people of scotland will ever make. a choice between

and we still don't know if we vote yes if we are going to get a currency union with the rest of the uk or if that is not going to happen what is plan b. so that is what is missing from that side. on the no side i think there has been a positive movement today with the three west minster leaders coming together but it is still short on detail about the extras a devolved scotland would get if we vote no. huge decision, lack of hard facts. >> the book takes great pains to explore both sides. i found it quite fascinating. you brought up the currency issue. let's say scotland does become independent, what currency would you like the country to adopt? >> well, i think asked professor leslie young of the graduate business school in beijing to have a look at the question for us. and his opinion was the best thing on currency on this narrow question of currency for business is the status quo. we know it, we can quantify it. there is no more risk than we already have. every other alternative incurs more risk and therefore more cost. therefore status quo is best for business on this narrow issue

>> during the cold war the customs union was created before currency union.only good as weakest link. in the payments process, neil, we need to mcsure that the system is equally regulated, and the expectations of everybody in the system are equal. tough, no-nonsense, the best technologies. so, with all of these new players getting into the payment space i'm concerned because i want to make sure everybody has the same rock solid intent to protect the process. neil: you're pretty good at this stuff. dow up load stuff to a cloud or online material or financial data of your own or your family, to the internet? >> answer is no. neil: really? >> yeah. neil: you're putting it all on the hard disk. >> for me, and i'm, i'm the vietnam generation and before. for me i want to make sure i have a written record of everything i have, so in the event everything disappears into the ether, i can say, hey, listen this is my stuff. neil: i have this 4account right here. governor, thank you very, very much. very wise words. so the nfl catches a lot of hell over domestic abuse bu

. >> and everyone if they did decide to sign up to currency union, the price that they would asked for. philadelphia be very, very rinl. fiscal rules. public spenling: mplts ern though scott larnd would kbet thoor r control. the oimply case of that is that e shen shlly would not a a gr d greed. >> my sometime in kot tand told me that, but i wund readily father or mothering through am avp are argument. pliltically, identity niece not guilty a msz e possible to pauding asleep 972 inches. >> lets's into. sequel gk has the last clas first. on the weekend end ffr warden o hand,severalage iing as well. that's not happenings mplt that's not part of the depat. it is going to be a pretty at mos fear. it seems to be impossible for a prit iish. the nand of potential of the pafrdties. sfr from p p from an edge english point of view, we want hours, but we quantity all the again fits playing in. so for both of those, knobbly noolt the kind that sdoltland would like. it seems to be a serble out squornl dpr skom lar ind it shows a very fraovac. i'm lever it there. and we can kbelt into these inc.s. >>

the scottish government think it could be easily resolved with a currency union, but westminster hasuled that out and many are left wondering what options are left. >> what will that mean for my borrowing costs, for my mortgages, and for jobs? think of what is that alternative, and if there isn't a clear answer to that question, then that's a lot of economic uncertainty. >> reporter: one investor says they've already moved hundreds of millions of pounds out of scotland, but others in edinburgh are urging caution. there would be a lengthy period of transition. >> what they do know is the bank of england and the financial regulators have con tin -- c contingency plans. >> if people do move their deposits out of scotland after yes votes, it would have a big impact on the economy. but the companies and regulating bodies are working overtime to try to plug any leaks and avoid any panic. collette smith, bbc news. >> more on that the rest of this week as well. shares of air france have fallen almost 3.5%. why? because pilots are beginning a one-week strike over company plans to cut costs to

it is a currency union? other people have made this point.g which is a recipe for long-term success. that is what we should remember. , the truth yes vote of the matter is scotland would have to continue to use the sterling. the carving up of the dead is interesting. what the base expectation would be is is if scotland takes its share of the dead and comes into a repayment arrangement with the ..k. government the u.k. government has made it clear. it is written in the documents. we would still have one it will be a lively morning. mike amey, always great to speak to you guys at pimco. we are going to take a short break. we will be back in two minutes and talk energy. is in the next half an hour on "the pulse." do join me. ♪ >> time for a look at today's hotshots. they played host to mountain baking at a competition. competed. have theke borders challenge of the icy cold conditions when they went head-to-head in the harbor reeked competition. they jumped, flipped around, and had some pretty spectacular wipeouts. skill does not get much better

markets with something that might feel easier in the short term like preserving the union, the currency unioney will not be tempted to do that because they are too worried about what it might look like longer down the road? will bember 19, there cooler heads prevailing laying out the timeline for negotiations and what issues will be dealt with and providing assurances to financial market participants, consumers and savers about this. if one part of the u.k. voted to sever the union and the other part has said they are not providing the use of sterling as a currency or lender of last resort for the bank of england, then people need to factor in that we are going for a significant regime change. what you are seeing now involves nothing compared to what had happened on a yes vote. >> geopolitical risks, the ruble the best performer yesterday on the shaky assumption we will get some sort of cease-fire. would you buy the ruble now or not? >> i would not. >> why not? >> yesterday's action suggests we had a game change. i think this has many rounds to it potentially. buyingetty chancy to be currenci

plusdea of sterlingozation some stabilization arrangements seems a more likely outcome than currency union. >> thank you. juliet? >> that may take the catalonian question at the back and use it as a platform to come back to something jeremy was talking about on precedent and secession. there is a strong international norm for people to have the right to decide who governs them. the principle of national self-determination is not always obeyed, not always supported by outside groups, but it is a strong and ever-growing normative power in the international system, it is what you see outside actors, even if they are against scottish independence or have worries or concerns about the implications, are not interfering, are staying on the sidelines, are not making public comments on this. i think that this concern about the spillover of scottish independence to other secessionist movements is sometimes exaggerated. i was at a very good conference about this one at glascow university last year. experts onin secession movements and how they relate to each other, the research shows that they do not

an independent commission that looked at the different options and they suggested the currency union is the best option. that is also the favored option in the polls, obviously. i will leave others to comment on that. they also came up with other options. sterlingization is evaluated as a higher risk of not having control because not having a central bank. there are others who say how would that do on the markets? it is very clear if after independence the u.k. government, where they would be, did not negotiate which would have to, with another option. the scottish first minister has been saying they consider it to simply continue using the pound, sterlingization, but scotland would not take his share of the debt of the u.k. which is one of those fights. he said it will not come to this. this is one of those issues that we'll know it's colin becomes independent afterwards. it will be on top of the negotiation process. the interesting thing about this referendum is that it is not much about political party. some of the debate is. they are not voting for a political party. this is one

union and seem to negotiate their way in. the package outlined to negotiate back into a currency agreement, the union and back into n.a.t.o. and nuclear alliance. i think the best opportunities for scotland is going forward, not to rely on the past, but for scotland to play a leading role in the union. >> it is one that is not shared by england. you have representatives in the scottish parliament making decisions about devolved powers, and represent fifs going down to westminster -- representatives going down to westminster voting on other matters. >> certainly i feel - sorry, i lived most of the last five years of my life in england. i feel sorry for people in england that don't have an opportunity to break from the westminster politics which is damaging to people in the u.k. the most equal country in europe, it's not a reason to remain governed by the system. the scottish parliament has almost the entire budget set by westminster. it's not as if it has a parliament that can protect itself, it's a parliament with its budget the set by another parliament. there are few clementic bodies like that. general assembly is right,

or would they be looking for a currency union with the eu in using the euro? how would that work?the truth of it is for salmon to rejoin the european union which is his stated aim, he would have to sign a treaty that would commit him to joining the euro. if you're in the euro, you don't control your own xhuk and monetary policy, it's decided someplace else. he's not offering any genuine form of independence. i believe in uk independence, i want the united kingdom to be a free country where we trade with europe and make our own laws. we make one call that we got right, we didn't join the jury row, thank goodness for that. >> nigel, thank you for being on the show this morning. great to see you. >>> a buckingham palace guardsman shows some new moves. he may be in really big trouble. nigel, is that okay? see what he's doing there? he's doing a little dance. >> no, it's not okay. >> he's doing a peer pir row et. >> royalty should be above all of it. he's regal. >> so you're stunned, shocked and deeply saddened? >> i don't approve. >> we'll have that story coming up. ninl el, you might

exactly is going to happen with the currency where they make the choice whether or not it's a currency unionthey decide to get their own currencies? runs on the banks? those fears written by wall street houses, i think, highly exaggerated. i was in a country many times where they feared a run on the bank, greece, and it never happened. people here believe they belong right now to the united kingdom, and that they will at least use the british pound for who knows how long, regardless of the vote. there are a lot of members of the financial community we've spoken with here who are firmly convinced they can still use the british pound. they understand that requires having a tremendous amount of reserves if scotland decides to go it alone. they think it can be done because the pound is a tradeable and liquid currency. >> people going to the polls now don't know what currency they will have. they don't know whether the bank of england would support the pound. those uncertainties are why some people suggested they might vote no. the scottish international party seems to want it all. i hear they ar

energy union, building up the currency union system and also defense. so we can see that between the different institutions, this is also providing the possibility to come to some kind of common idea what should be the most important project over the next five years. between the commission, the parliament and equally the council and the member states. that's still one of the unfulfilled promises, could you say, in the treaty. because in article 17 of the lisbon treaty, you have a sentence which reads the european commission initiates the annual programming of the union. the commission should initiate what should be done in the year to come and in the years to come. but the sentence continues with the view to reach interinstitutional agreement. so that means we have a treaty obligation between the parliament, the counsel and the european commission to try to come to some common understanding about the legislative agenda. but if we want to do this, in fact, we need to have a legitimate starting position. and that's something where this product could be ve

an independent commission that looked at the different options and they suggested the currency union is the best option. also the favored option in the polls, obviously. i will leave others to comment on that. they also came up with other options. ion is evaluated as a higher risk of not having control because not having a central bank. say howe others who would that do on the markets? it is very clear if after independence the u.k. government, where they would be, did not negotiate which would have to, with another option. the scottish first minister has been saying they consider it to simply continue using the pound, sterlingization, but scotland would not take his share of the debt of the u.k. which is one of those fights. he said it will not come to this. issues thatof those will know it's colin becomes independent afterwards. it will be on top of the negotiation process. thing about this referendum is that it is not much about political party. some of the debate is. they are not voting for political party. this is one of the reasons why it's easier to mobilize people. you can go