It is widely believed that the emergent magnetic gauge symmetry of SQCD is analogous to a hidden local symmetry (HLS). We explore this idea in detail, deriving the entire (spontaneously broken) magnetic theory by applying the HLS formalism to spontaneously broken SU(N) SQCD. We deduce the Kähler potential in the HLS description, and show that gauge and flavour symmetry are smoothly restored along certain scaling directions in moduli space. We propose that it is these symmetry restoring directions, associated with the R-symmetry of the theory, that allow full Seiberg duality. Reconsidering the origin of the magnetic gauge bosons as the ρ-mesons of the electric theory, colour-flavour locking allows a simple determination of the parameter a. I...