Angus Armstrong

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

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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Member for
4 years 8 months

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


Latest blogs

  • 22nd March 2018

    The devolved legislatures’ ‘continuity’ legislation prepares their statute books for Brexit in the event of an ongoing impasse with the UK Government over the so-called ‘power grab’ in the EU Withdrawal Bill. Professor Nicola McEwen suggests these ongoing discussions and debates provide insight into the challenges and opportunities likely to shape ongoing intergovernmental relationships.

  • 22nd March 2018

    Two decades have passed since there was last a serious consideration of how the UK uses referendums. In the light of the Referendums of recent years, our colleagues at the Constitution Unit at UCL established the Independent Commission on Referendums. Ahead of a public event in Edinburgh, the Commission's research director, Dr Alan Renwick, explains its terms of reference.

  • 9th March 2018

    Stephen Hornsby, a partner at Goodman Derrick LLP, comments on Michael Keating's recent paper on the policy making implications of Brexit for agriculture in the UK.

  • 9th March 2018

    In response to the apparent surge in support for Corsican nationalists, President Macron has made it clear that Corsica will not be allowed to distinguish itself further from the rest of France. However, says Dr Alexendra Remond, support for autonomy may be symptomatic more of disenchantment with the status quo than of growing Corsican nationalism.

  • 2nd March 2018

    With little enough fanfare, Cabinet Office Minister David Liddington MP set out how Britain will operate post-Brexit. Prof Michael Kenny and Jack Sheldon consider what he had to say.

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