WHEN Scotland becomes independent, with our own currency, its government will for the first time in centuries have the powers needed to rebuild Scotland’s commercial, financial and manufacturing economy.

Although the circumstances will be very different, let us be in no doubt that the scale of the reconstruction task required in Scotland will not be dissimilar to that which faced the war-torn nations of Western Europe at the end of the Second World War.

At that time, when most of Europe’s industrial capability had been destroyed by munitions, it was the United States which came to the rescue through the so-called Marshall Plan, providing loans of many billions of dollars to European countries. The UK received a loan of $3.3 billion in 1947, a colossal sum at the time. Repayment began in 1950, with the last instalment only in 2006.

Times have changed and an independent Scotland with its own currency would be foolish to fund the necessary comprehensive reconstruction by loans from the US or other foreign sources. Scotland must have its own currency (the Scottish pound) and Scottish Central Bank to fund government expenditure.

If the independent Scottish government wishes to issue bonds (which is only one way to fund its public expenditure), these should be denominated in Scottish pounds to avoid the need to pay interest in a foreign currency.

In the meantime, the present Scottish Government should be preparing for independence by planning for a Scottish Central Bank and signposting the sort of industrial strategy which will be required.

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I was staggered to read in The National of January 20 that our Energy Secretary, Neil Gray, and his Grangemouth Future Industry Board have apparently accepted that the oil refinery, key strategic industry within Scotland, will be wound down and presumably closed by its owners, Ineos.

No wonder that Derek Thomson, Unite’s union official, has stated that the board is not fit for purpose.

If Grangemouth is allowed to close, Scotland with all its oil and gas reserves will be one of the only, indeed the only, advanced countries with such reserves, which will have NO processing capability!

This is the wrong response from the minister. It is the wrong response for Grangemouth and the wrong response for Scotland given the massive task ahead to rebuild our industrial capability and create well-paid jobs in Scotland.

We all recognise that, to save the planet, we must move to de-carbonise. But this should be done at a pace that does not add to unemployment and misery for our fellow Scots.

If it is practicable when we become independent, I would hope to see the Grangemouth facility brought back into public ownership.

THE SNP, rather than accepting its demise, should be making loud public statements now that this is their strategy. This policy would increase support for the SNP and independence, as well as hopefully safeguarding a vital strategic national economic resource.

While they are at it, could I suggest that they also make public commitments to re-nationalise energy production and distribution within an independent Scotland.

Electricity and gas extraction and distribution should be brought back into public ownership on a similar basis to the water industry, which we have rightly retained as a national asset for the benefit of all in Scotland.

We really need a much more radical industrial policy from the SNP. No wonder support for the party is declining. It offers nothing more than a mini version of the UK parties.

How will we pay for all this nationalisation? With our own currency! A Scottish currency, from day one, is the crucial key to our future prosperity. Buying these assets will be an investment for the Scottish state and will generate dividends for the nation, not foreign investors as is often the case at present.

The assets could be acquired through compulsory purchase, something which as an independent state we could legislate for in the independent Scottish Parliament.

We could also acquire all industrial wind farms on a similar basis. Management of these strategic energy resources would be retained in Scotland, creating corporate headquarters and paying good wages in Scotland.

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All this should be done prior to a referendum on rejoining the European Union as we would wish to complete the process without undue interference. Many European countries have such assets under state ownership or control.

We need our own Marshall-style Plan for Scotland, financed not by borrowing in US dollars or sterling, both of which would incur crippling interest payments to a foreign state, but financed through our own Central Bank and facilitated by an Act of the Scottish Parliament, and paid for in the new Scottish Pound.

That would engage the Scottish people in the “why” of independence.