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Scottish independence: George Osborne to 'rule out currency union' Scottish independence: George Osborne to 'rule out currency union'
(35 minutes later)
UK Chancellor George Osborne is likely to rule out a formal currency union with an independent Scotland, government sources have told the BBC.UK Chancellor George Osborne is likely to rule out a formal currency union with an independent Scotland, government sources have told the BBC.
It comes after Prime Minister David Cameron said Mr Osborne will set out further details of the coalition's position later this week. It comes after the prime minister said Mr Osborne will set out details of the coalition's position later this week.
The Scottish government has said it wants to retain the pound in an independent Scotland. The Scottish government has said it wants to retain the pound if there is a "Yes" vote in referendum.
It has said a currency union is the "sensible option". A spokesman for Scottish Finance Secretary John Swinney said Westminster was trying to "bully Scotland".
A spokesman for Scottish Finance Secretary John Swinney said it would be "absurd" for any prime minister to object to such an agreement. The Scottish government has said a currency union is the "sensible option".
According to BBC political correspondent Tim Reid, if the Treasury was to formally rule out a currency union it would pile huge pressure on Scottish ministers over which currency an independent Scotland would use, ahead of the referendum in September.According to BBC political correspondent Tim Reid, if the Treasury was to formally rule out a currency union it would pile huge pressure on Scottish ministers over which currency an independent Scotland would use, ahead of the referendum in September.
About four million people over the age of 16 and living in Scotland will be able to take part in the referendum, promised by the Scottish National Party (SNP), on 18 September. On 18 September, voters in Scotland will be asked the yes/no question: "Should Scotland be an independent country?"
'Sign of panic'
Until now, the chancellor has said a currency union between Scotland and the rest of the UK - in the event of independence -is "unlikely".
Answering questions at a Downing Street news conference on Tuesday, David Cameron said: ''I think it would be very difficult to justify a currency union post-independence."
A spokesman for Mr Swinney said: "This is nothing more than an attempt by the Westminster establishment to bully Scotland, now that they have started to lose the argument on independence.
"It is a sign of panic that will backfire badly.
"No one will credibly believe these threats. They are simply another instalment in Project Fear."
He added: "People know that the Westminster establishment will say one thing before the referendum but behave far more rationally after a yes vote, when its self-interest will lie in agreeing a currency union with Scotland."
Meanwhile, MPs are due to discuss the issue of what currency Scotland would use if voters back independence on Wednesday.
Shadow business minister Ian Murray will lead a debate on the subject at Westminster.