Angus Armstrong

Angus Armstrong's picture
Dr
Angus
Armstrong
Job Title: 
Head of Macroeconomics and Finance Group
Organisation: 
National Institute of Economic and Social Research
Phone Number: 
+44 (0)207 654 1925
Email Address: 
Biography: 

The Scottish independence debate is about choices. All of the economic choices have trade-offs between the pros and cons. The most important choice is which currency an independent Scotland would use. The objective of this Fellowship is to stimulate an open and informed debate on the coherence and consequences of alternative currency and fiscal arrangements for Scotland.

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5 years 6 days

Posts by this author:

The Scottish Government's new capacity to borrow is a vital, if little-discussed, power. However, says Angus Armstrong, the details of how this will work may have been dodged by the Smith Commission but cannot long be avoided by the Scottish Government and HM Treasury.    Scotland’s future borrowing... Read more
Post type: Blog entry
The devolution of income tax has received considerable attention in the discussion surrounding the Smith Commission. In the fourth of the extracts from our recent e-book, Dr Angus Armstrong argues that devolving taxation without borrowing powers will leave nobody happy.   As things stand, of the pub... Read more
Post type: Blog entry
Two points are clear from the Scottish referendum debate. First, there are certain capabilities which the UK provides that are invaluable to all constituent nations. In particular, a successful currency union and a seat at the top table of the world’s leading international forums, such as the Europe... Read more
Post type: Publication
The debate over which currency an independent Scotland might use appears to have reached an impasse. The Scottish Government has stated that an independent Scotland would use sterling, and the UK Government (and the official opposition) has said unequivocally it would not participate in a formal  cu... Read more
Post type: Publication
If an independent Scotland chooses an informal currency union (called ‘dollarization’ or 'sterlingization') as Plan B, its financial institutions cannot be sure they will have access to emergency liquidity in the next financial crisis. This is likely to have important consequences for Scotland’s fin... Read more
Post type: News Article
Angus Armstrong reflects on the implications of projections made by HM Treasury and the Scottish Government for the 'dismal science' of economics. The publication of two official reports last week making apparently contradictory claims might appear to reflect badly on the 'dismal science' (economics... Read more
Post type: Blog entry
Statements from Scotland’s First Minister last week suggest that a Currency Plan B is beginning to emerge. It appears that the Scottish Government is committed to a sterling currency union regardless of the UK Government's view. The fall-back option then appears to be dollarization using sterling as... Read more
Post type: Blog entry
ESRC Fellow Angus Armstrong discusses currency options for an independent Scotland in the wake of Chancellor George Osborne's speech in Edinburgh.Chancellor Osborne today ruled out a formal currency union with an independent Scotland. What would be the Scottish Government's next move? We expect the... Read more
Post type: Blog entry
by Angus Armstrong, ESRC Fellow, National Institute of Economic and Social Research Currency arrangements that survive the test of time need to be coherent in all circumstances and without ambiguity. Part of any robust union is that there is a full commitment to make it work. The White Paper restate... Read more
Post type: Blog entry
ESRC Fellow Angus Armstrong and his team at the National Institute of Economic and Social Research have launched an animated film that gives a new twist to the currency debate and the independence referendum. Dr Armstrong explains: "We were determined to explain the currency question to a wider audi... Read more
Post type: News Article

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Latest blogs

  • 20th July 2018

    Richard Parry reviews a fast-evolving situation as the march of time and need to reconcile rhetoric and practicality constrain policy-makers

  • 13th July 2018

    The White Paper published this week talks about the UK Government making ‘sovereign decisions’ to adopt European rules but, as we know from the experience of Norway and Switzerland, this can be an illusory sovereignty when the costs of deviating from the rules is exclusion from the single market or European programmes. CCC Director Professor Michael Keating looks at whether the UK is ready for this kind of deal.

  • 12th July 2018

    Last week the government released its fisheries white paper. While most of the fisheries and Brexit debate centres on quotas and access to waters, there is also an important devolution dimension. Brexit already has profound consequences for the UK’s devolution settlement and fisheries policy is one example of this. So, in addition to communicating its overall vision for post-Brexit fisheries policy, the white paper was also an opportunity for the government to set out how it would see that policy working in the devolved UK.

  • 4th July 2018

    At the same time as Parliament prepares to ‘take back control’ from Brussels, the executive is in fact accruing to itself further control over the legislative process. CCC Fellow Professor Stephen Tierney addresses a number of trends – only some of which are a direct consequence of the unique circumstances of Brexit – which suggest a deeper realignment of institutional power within the constitution and a consequent diminution of Parliament’s legislative power.

  • 27th June 2018

    Faced with a choice between splitting her Cabinet into winners and losers, Theresa May has sought to keep the Brexit crap game going. She does this by avoiding betting on either a hard or soft Brexit. Professor Richard Rose of Strathclyde looks at the high stakes outcomes facing the Prime Minister. .

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