Britain’s Tory Chancellor of the Exchequer, George Osborne, is today threatening pro-independence Scots that if they secede then they can’t have the pound sterling as their currency any more. This is a problem for SNP leader Alec Salmond because he’s been peddling the idea that an independent Scotland will continue to enjoy a common currency, a notion that appeals to risk-averse Scots. A few years ago, the euro might have looked an appealing alternative to sterling, but now it looks much less so. But though Salmond has rather painted himself into a corner on this one, I’m struggling to see why an independent Scotland having its own money would be such a bad idea. After all, the various Scandinavian countries seem to get by perfectly well with their different kroner, so why not Scotland? Scotland’s economy is significantly different from England’s anyway, with natural resources playing a bigger part in one, and financial services in other. Better for everyone to have separate currencies, with different interest rates and floating exchange rates so as to adjust to circumstances. (Having a different currency for the north of England and Wales might be nice too … or alternatively grant independence to London as a new Singapore.)

The other major worry about independence from the official Great British point of view is that “we” would have far less weight and influence in the world. The UK already has less influence that its political elites delude themselves that it has, but at least an independent Scotland would end that delusion. Facing up to reality probably means that the UK would be less tempted to waste billions on the post-imperial accoutrements of military power (new fighters, nuclear weapons and the like). And then not having that stuff would make the UK less able, and therefore less willing, to join in with rash invasions and interventions, and to to send task forces to recapture distant outposts. Further, without the delusion that the UK is a great power, its politicians would be forced to adopt a more co-operative relationship with neighbouring countries, both in the EU and the various states that would compose our Atlantic archipelago. No longer able to go it alone: the UK would have to work with others.

So Scottish independence, what’s is there not to like about it? Well, nationalism, I suppose. But having more and smaller democratic nations, forced to rub along with their neighbours for pragmatic reasons of mutual-self interest. Sounds good to me. Of course the English left worry about the prospect of permanent Tory government if Scotland secedes. This concern is probably exaggerated. The political dynamics of a weakened Anglo-Welsh rump would be different over time and the demographics probably favour the left, as younger voter are considerably more liberal and cosmopolitan in their attitudes than the over 55s. So here’s hoping for the end of the UK and its replacement by a post-imperial patchwork of smaller countries.