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| Scottish independence: 'Yes' vote means leaving pound, says Osborne | 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. |
| He said there was "no legal reason" why the rest of the UK would want to share sterling with an independent Scotland. | He said there was "no legal reason" why the rest of the UK would want to share sterling with an independent Scotland. |
| 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. | 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". |
| 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. | 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. |
| Liberal Democrat Chief Secretary to the Treasury Danny Alexander has supported Mr Osborne's position, with backing also expected from Labour shadow chancellor Ed Balls. | |
| Mr Osborne 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. | 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? | "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? | "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." | "That is patently absurd." |
| The Scottish government's currency union plan would also see the services of the Bank of England retained, if Scotland 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." | 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." | "Nothing could be more damaging to economic security here in Scotland than dividing our United Kingdom." |
| Following Mr Osborne's speech, Mr Alexander said the Treasury had provided "crystal clear" analysis that a currency union would create unacceptable risks both for Scotland and the rest of the United Kingdom. | |
| He also called on the Scottish government to set out an alternative currency proposal. | |
| Mr Alexander added: "As a Scot and as Liberal Democrat Chief Secretary to the UK Treasury, on the basis of this analysis, I couldn't recommend a currency union to the people of Scotland and my party couldn't agree to such a proposition for the rest of the UK. | |
| "The SNP continue to pretend that an independent Scotland could continue to share the pound. It couldn't, without agreement." | |
| The Lib Dem MP said: "This isn't bluff, or bullying, it's a statement of fact." | |
| Mr Balls, who is also expected to release a statement on the issue, previously told LBC Radio: "I don't think it's right for us to tell Scotland what they must do, but I don't see how you could have a negotiation about a Scottish separate country keeping the pound, which would add up either for Scotland or for the rest of the United Kingdom." | |
| 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. |