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Independence vote: 'Yes' vote 'means no money union' Scottish independence: 'Yes' vote means leaving pound, says Osborne
(35 minutes later)
UK Chancellor George Osborne has said a vote for Scottish independence would mean walking away from the pound.UK Chancellor George Osborne has said a vote for Scottish independence would mean walking away from the pound.
Speaking in Edinburgh, Mr Osborne said he wanted Scotland to keep its economic security. He said there was "no legal reason" why the rest of the UK would want to share sterling with an independent Scotland.
His position is expected to be endorsed by the other two big Westminster parties, Labour and the Liberal Democrats. The Scots government wants Scotland to retain sterling as part of a currency union with the rest of the UK in the event of a referendum "Yes" vote.
Deputy Scottish First Minister Nicola Sturgeon said Westminster was trying to "lay down the law to Scotland".Deputy Scottish First Minister Nicola Sturgeon said Westminster was trying to "lay down the law to Scotland".
The Scottish government wants to keep the pound and retain the services of the Bank of England as part of a currency union if there is a "Yes" vote in the independence referendum, on 18 September. Ahead of the independence referendum on 18 September, Mr Osborne set out his position during a speech in Edinburgh, as he published the latest Treasury analysis on the issue.
Mr Osborne said: "The pound isn't an asset to be divided up between two countries after a break-up like a CD collection" He said: "The pound isn't an asset to be divided up between two countries after a break-up like a CD collection.
"If Scotland walks away from the UK, it walks away from the UK pound.""If Scotland walks away from the UK, it walks away from the UK pound."
The Chancellor went on: "There's no legal reason why the rest of the UK would need to share its currency with Scotland, as the Treasury's publication today clearly shows.
"So when the Nationalists say the pound is as much ours as the rest of the UK's, are they really saying that an independent Scotland could insist that taxpayers in a nation it had just voted to leave had to continue to back the currency of this new, foreign country?
"Had to consider the circumstances of this foreign country when setting their interest rates? Stand behind the banks of this foreign country as a lender of last resort? Or stand behind its foreign government when it needed public spending support?
"That is patently absurd."
The Scottish government's currency union plan would also see the services of the Bank of England retained, if it became independent after the 18 September referendum.
The Chancellor added: "The UK is growing faster than any other advanced economy in Europe, and within the Union, Scotland is growing faster than the rest."
"Nothing could be more damaging to economic security here in Scotland than dividing our United Kingdom."
Labour Shadow Chancellor Ed Balls and Liberal Democrat Chief Secretary to the Treasury Danny Alexander are expected to take a similar line to that of Mr Osborne.Labour Shadow Chancellor Ed Balls and Liberal Democrat Chief Secretary to the Treasury Danny Alexander are expected to take a similar line to that of Mr Osborne.
It is understood former Chancellor Alistair Darling, who is leading the Better Together campaign to keep the Union, was instrumental in getting the three Westminster parties to agree a joint currency position.It is understood former Chancellor Alistair Darling, who is leading the Better Together campaign to keep the Union, was instrumental in getting the three Westminster parties to agree a joint currency position.
Watch George Osborne's speech live.