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Scottish independence: George Osborne to 'rule out currency union' Scottish independence: George Osborne to 'rule out currency union'
(about 1 hour 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 came after the prime minister said Mr Osborne would set out details of the coalition's position later this week. It came after the prime minister said Mr Osborne would set out details of the coalition's position this week.
The Scottish government has said it wants to keep pound in a currency union if there is a "Yes" vote in referendum. The Scottish government wants to keep the pound in a currency union if there is a referendum "Yes" vote.
The deputy first minister claimed no currency deal would leave Westminster with the entirety of UK debt. The deputy first minister claimed no currency deal would leave Westminster with all the UK debt.
Nicola Sturgeon said the position did not bear scrutiny and was a campaign manoeuvre in a bid to "bully Scotland".Nicola Sturgeon said the position did not bear scrutiny and was a campaign manoeuvre in a bid to "bully Scotland".
'Difficult to justify''Difficult to justify'
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 were to formally rule out a currency union it would pile huge pressure on Scottish ministers over which currency an independent Scotland would use, before the referendum in September.
On 18 September, voters in Scotland will be asked the Yes/No question: "Should Scotland be an independent country?"On 18 September, voters in Scotland will be asked the Yes/No question: "Should Scotland be an independent country?"
Until now, the chancellor has said a currency union between Scotland and the rest of the UK - in the event of independence - would be "unlikely".Until now, the chancellor has said a currency union between Scotland and the rest of the UK - in the event of independence - would be "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."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."
Ms Sturgeon told BBC Radio's Good Morning Scotland programme that, in the space of a week, the Westminster establishment had gone from David Cameron's "love bombing" back to "bullying and intimidation". Ms Sturgeon told BBC Radio's Good Morning Scotland programme that, in the space of a week, the Westminster establishment had gone from Mr Cameron's "love bombing" back to "bullying and intimidation".
She said: "It is a bluff, because if this was to be the position of the Westminster government then it would put them in a position that's at odds with majority public opinion in Scotland, it would put them at odds with majority public opinion in England.She said: "It is a bluff, because if this was to be the position of the Westminster government then it would put them in a position that's at odds with majority public opinion in Scotland, it would put them at odds with majority public opinion in England.
"It would cost their own businesses hundreds of millions of pounds, it would blow a massive hole in their balance of payments and it would leave them having to pick up the entirety of UK debt.""It would cost their own businesses hundreds of millions of pounds, it would blow a massive hole in their balance of payments and it would leave them having to pick up the entirety of UK debt."
The Scottish government has said Scotland should meet a fair share of the cost of servicing UK Treasury debt, but that "assets and liabilities" go together.The Scottish government has said Scotland should meet a fair share of the cost of servicing UK Treasury debt, but that "assets and liabilities" go together.
Ms Sturgeon said that no matter what Westminster said now, the reality would be very different if Scotland voted "Yes".Ms Sturgeon said that no matter what Westminster said now, the reality would be very different if Scotland voted "Yes".
Meanwhile, MPs are due to discuss the issue of what currency Scotland would use if voters back independence on Wednesday. Meanwhile, MPs are due to discuss on Wednesday the issue of what currency Scotland would use if voters back independence.
Shadow business minister Ian Murray will lead a debate on the subject at Westminster.Shadow business minister Ian Murray will lead a debate on the subject at Westminster.