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| Scottish independence: Treasury makes debt pledge | |
| (about 9 hours later) | |
| The UK Treasury says it will honour all UK government debt issued up to the date of the referendum on Scottish independence. | |
| The move, announced on Monday, is aimed at removing the risk of default from any debt-sharing dispute between Scotland and the rest of the UK. | |
| It follows approaches from investors to the Treasury and the UK's Debt Management Office, says BBC Scotland business editor Douglas Fraser. | It follows approaches from investors to the Treasury and the UK's Debt Management Office, says BBC Scotland business editor Douglas Fraser. |
| The referendum is due in September. | The referendum is due in September. |
| The UK government has said it will not negotiate on independence ahead of the referendum, but it is having to put at least one pledge in place, our Scotland business editor says. | The UK government has said it will not negotiate on independence ahead of the referendum, but it is having to put at least one pledge in place, our Scotland business editor says. |
| A perceived increase in the risk of default could push up borrowing costs in the run-up to the vote, he adds. | A perceived increase in the risk of default could push up borrowing costs in the run-up to the vote, he adds. |
| The Treasury does not believe the pledge will weaken its negotiating position on the share of debt that a newly-independent Scotland would inherit. | The Treasury does not believe the pledge will weaken its negotiating position on the share of debt that a newly-independent Scotland would inherit. |
| The Scottish government anticipates taking on such a share, but it has warned that it may not do so if Whitehall refuses an alliance on joint control of the pound. | The Scottish government anticipates taking on such a share, but it has warned that it may not do so if Whitehall refuses an alliance on joint control of the pound. |