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Article 8: Public Finances - Domestic Currency, Central Bank, Funding

Description

The focus and direction of economic policy under this Constitution; the introduction and management of the national currency in all its forms and free of debt is an exclusive monopoly guaranteed by the State; the scope and responsibilities of the Central Bank of Scotland; the rules regarding National Debt and the regulation of banking and financial corporations. The powers of the State to impose and collect taxes equitably and within the framework of a responsible budget.

Debate

Section 8.1. The focus for the Government will be to achieve an economic environment to deliver and sustain a sound economy. The development of the nation’s wellbeing and happiness will be given preference over solely boosting General Domestic Product (GDP).

11 comments · 16 Aug 2020
Debate

Section 8.2 The National Currency of Scotland is the Scots Pound, being Constitutional Money guaranteed by the State in accordance with the Constitution.

19 comments · 16 Aug 2020
Debate

Section 8.3. There shall be a Constitutional Monetary Authority (CMA) holding ultimate responsibility for the administration of the National Currency. It will be independent of the legislative and executive branches of the Government. Its members will be nominated by a Public Appointments Commission and appointed by Parliament by a simple majority vote in a secret ballot. The CMA shall be funded by making its own requisition upon the normal revenues of the State.

16 comments · 16 Aug 2020
Debate

Section 8.4. The Central Bank of Scotland is the executive arm of the Constitutional Monetary Authority and will originate the currency and regulate its distribution through the Full Reserve banking system.

16 comments · 16 Aug 2020
Debate

Section 8.5. The Scots Pound is issued free of debt by the Central Bank of Scotland and in Scotland is the sole legal tender and circulating medium of exchange comprising cash or credit instruments. The origination or placing into circulation of any other money or money substitute shall be an act of counterfeit

10 comments · 16 Aug 2020
Debate

Section 8.6. The Government is required to raise a significant proportion of its public revenues, in the form of ground rent or an equivalent form of land taxation, from Scotland’s greatest natural resources, namely its land, its air space and the seas under Scottish jurisdiction.

20 comments · 16 Aug 2020
Debate

Section 8.7. The Government may not issue any other bonds or debt instruments other than as required by the Central Bank in settlement of foreign balance of trade deficit and as limited within its regulation by the Constitutional Monetary Authority.

8 comments · 16 Aug 2020
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Section 8.8. The Government will obtain the capital investment funding required to finance the material and labour costs for new major national assets, directly from the Central Bank of Scotland.

13 comments · 16 Aug 2020
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Section 8.9. The Government will adopt a budget, limited to a maximum deficit of three per cent of the gross domestic product, for the full term of its administration.

16 comments · 16 Aug 2020
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Section 8.10. Regional Councils will adopt annual budgets limited to a three per cent deficit, during their term of administration.

8 comments · 16 Aug 2020
Debate

Section 8.11. Regional Councils will agree budgets adequate for the proper functioning of each of the Burgh Councils within their area of responsibility.

2 comments · 16 Aug 2020

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