SNP conference has overwhelmingly backed moves to speed up the process of Scotland introducing its own currency under independence.

Delegates supported an amended motion by 481 to 37 votes which would see an enabling bill drafted ahead of a second referendum to create a Scottish Central Bank which would be in charge of issuing a new Scottish pound in readiness of the new state being established.

The debate on the third day of the SNP's online conference comes two and a half years after the party voted to use sterling but to introduce a new currency as soon as practicable. 

But the wording was met with resistance with some party members fearing the process could take many years and they wanted a faster move to a new Scottish currency.

Activists on the left of the party wanted six economic tests that will "guide" the exact timescale for a new currency scrapped, though the measures were approved by the conference.

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The debate over the currency has continued in the party since then with today's resolution forwarded by activist Tim Rideout.

He told delegates no advanced economy has ever sought to use the currency of another nation and to try to do so would be to start "probably the most dangerous experiment in global monetary history". 

He added: "So, we need to follow the tried and trusted safe route taken by almost every country to become independent, and that is to have our own currency. We will use the Scottish Pound – and not the English one."

Rideout argued that having a central bank "is a key component" of any country having its own currency and was also a pre-requisite for applying to rejoin the European Union. 

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"Using sterling rules out any EU membership application. So we must plan for that too," he said.

"Planning is key. After the Brexit vote London was in a ‘what do we do now’ state of total unpreparedness. It would be inexcusable for us to find ourselves in a similar position when we win independence, however that is achieved.

"We will need to be ready, so we hit the ground running. Two years, or whatever it turns out to be, for a transition to independence day will go very quickly."

Rideout added that the SNP could make some of those preparations now including to draft the bill to establish a Scottish Reserve Bank as the new central bank of Scotland. 

The National:

Activist Tim Rideout

"That gets us to the point where we are ready to introduce that legislation the day after we vote. Bear in mind it will likely take six months to be approved by Parliament," he told conference.

He said much of his original motion had been cut back by the party's conference committee and he went on to outline what these were.

"The Reserve Bank will be owned and controlled by the Scottish Government. It will be the monetary authority, meaning it will create Scottish pounds. It will own the Scottish payments system, and it will be banker to the State," he said.

"We need to ensure it is under the control of Parliament and answerable at all times to us and our elected representatives. That means things like US-style confirmatory hearings for the appointment of the Governor, annual reports, and appearances before parliamentary committees. Accountability is key. 

"That is because as the monetary authority it will establish and issue the new Scottish currency. It will also set interest rates for lending to commercial banks, and it will work in collaboration with other international central banks.

"That means it will hold and manage our foreign reserves on behalf of the finance ministry.

The National:

SNP policy development convener Chris Hanlon

"At home, it will maintain the Scottish Government’s accounts and will provide such loan and overdraft facilities as are required to achieve the government’s fiscal policies, such as full employment and the Green New Deal.

"Lastly, as envisaged by Douglas Chapman MP, it could manage a Scottish Sovereign Wealth Fund."

An amendment to the resolution called for a party forum to be set up to discuss the principles of setting up the bank and establishing the new currency.

It said a national assembly should be held before the party's Spring Conference that will allow members time to examine all the details and evidence about how best to set up a Central Bank and to reach agreement on the draft legislation. 

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Proposing the amendment activist Chris Hanlon, who is the party's policy development convener, told members: "This will be a crucial first step on the road to independence."

He said: "As we fight the upcoming campaign it will be important that those we are asking to trust us to protect their livelihoods as we build our new nation believe that we know what we are doing, that we have planned and are planning for all the practicalities that will be necessary as we take back the reins of power.

"Many voters will be looking at us from a different perspective from the one they viewed the 2014 referendum.

"They will be looking at us as the group that is likely to win that referendum and they are going to want to be assured that they are not going to see a repeat of 2016 when a bunch of fly by night cowboys won a referendum they had absolutely no idea how to implement."

He added: "There will be difficult and detailed questions about a great many subjects that were not asked last time.

"Subjects like scaling up the civil service, or how a border with the remaining United Kingdom will function, what our relationship with the EU will look like, how long that will take to negotiate and what steps can we take to hasten our re-entry to the single market.

"It is important that we appear to be credible as a government for a newly independent nation that is preparing to manage that transition in a way that will minimise disruption and maximise the economic benefit of withdrawing from the political union imposed on us in 1707.

"We must start planning for what we will do when we win our independence."

The currency issue is seen as one of the key policies the SNP wants to be absolutely confident of in order to win any second independence referendum.

Some independence supporters believe the policy the party put forward in 2014 was to blame for the Yes side losing. 

The position advanced then was for Scotland to carry on using Sterling in a currency union with the UK.

However, the policy was dealt a blow when former Chancellor George Osborne said he wouldn't agree to a currency Union with the new state.