Settling for Plan B

Calton is indebted to the First Minister for explaining the difference between fiscal policy and monetary policy at FMQs today, however he is not sure if Alex answered Johann Lamont's question, namely, does the First Minister have a Plan B if the Bank of England doesn't give us good terms on Sterling? Calton is also not so sure that you can separate fiscal and monetary policy quite so easily as the First Minister seemed to be suggesting. Granted, the Bank of England is nominally independent of Westminster, however the inflation target which it is trying to meet is set by Westminster and, should one be in any doubt about the link between the Chancellor and the BofE, the former gave the latter a new remit yesterday in the Budget. Would the Chancellor of an independent Scotland be able to do the same? What if the two Chancellors do not agree on monetary policy? Under the SNP's plans, Scotland would be able to set taxes and spending levels but would not be in control of interest rates, inflation or the money supply. Perhaps Johann is putting her question the wrong way round - why are the SNP settling for Plan B for an independent Scotland when we could have a Plan A?