I'm not saying constitutional independence would be better or worse, or that there's any aspect of those arrangements that I like or dislike. I'm just struggling to see how, in any practical sense, it would be different once we're independent.
Sterling is unlikely to be temporary. Swinney's words below (para 34 in the original) in which he links Scotland's economic future to Sterling, in particular financial services, and accepts that this means that independence will be tightly constrained by the need to comply with the agreements - likely to involve priorities for inflation, caps on borrowing etc, the sorts of things that impact on currency values - with rUK treasury. Fiscal autonomy within the straitjacket of a monetary agreement focused on the needs of Sterling. This is why Alex Massie likes it.
"The Scottish Government has already articulated a strong and coherent economic narrative in favour of maintaining Sterling following independence through entering a formal monetary union with the rest of the UK.
There are clear benefits to Scotland from entering this formal monetary union, such as promoting price and financial stability and facilitating intra-UK trade. In addition, it will preserve the highly integrated UK financial services industry.
An independent Scotland in formal monetary union would have the fiscal and wider economic policy freedom to tailor policies to enhance the performance of the Scottish economy. Scotland would decide on the best overall fiscal stance which is appropriate for the Scottish economy, whilst ensuring that it remained in line with any agreements on monetary union."
The reason I think taxes will be pegged to rUK is for competitiveness and because it fits with established policy of not changing personal taxes and of aiming for a low tax business environment. Again, Swinney's own words:
In February, quoting from The Scotsman "he said "I don’t envisage increases in personal taxation in an independent Scotland."
He said in this scenario he would not increase taxation on the oil industry and would want a "competitive business tax regime to attract business to Scotland".
This, he said, would help businesses and "grow the economy and thereby grow the tax base".
Mr Swinney added: "The purpose of that is to increase the tax take by delivering a stronger and bigger economy.""
Pure neo-liberal economics.