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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, as Scottish ministers have proposed. | He said there was "no legal reason" why the rest of the UK would want to share sterling with an independent Scotland, as Scottish ministers have proposed. |
| Mr Osborne was backed by Labour and the Liberal Democrats. | Mr Osborne was backed by Labour and the Liberal Democrats. |
| Scottish First Minister Alex Salmond said the Westminster parties were trying to "bully" voters ahead of the 18 September independence referendum. | Scottish First Minister Alex Salmond said the Westminster parties were trying to "bully" voters ahead of the 18 September independence referendum. |
| The Scottish government said keeping the pound and the services of the Bank of England as part of a currency union under independence made sense for both Scotland and the rest of the UK. | The Scottish government said keeping the pound and the services of the Bank of England as part of a currency union under independence made sense for both Scotland and the rest of the UK. |
| But Mr Osborne - along with Labour shadow chancellor Ed Balls and Lib Dem Chief Secretary to the Treasury Danny Alexander, said they could not recommend such a plan. | But Mr Osborne - along with Labour shadow chancellor Ed Balls and Lib Dem Chief Secretary to the Treasury Danny Alexander, said they could not recommend such a plan. |
| Speaking in Edinburgh, the chancellor said: "The pound isn't an asset to be divided up between two countries after a break-up like a CD collection. | Speaking in Edinburgh, the chancellor 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. | The Chancellor went on: "There's no legal reason why the rest of the UK would need to share its currency with Scotland. |
| "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?" |
| Mr Osborne added: "The UK is growing faster than any other advanced economy in Europe, and within the Union, Scotland is growing faster than the rest." | Mr Osborne 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." |
| The chancellor's speech came as he published the Treasury's latest currency analysis paper, which said: | The chancellor's speech came as he published the Treasury's latest currency analysis paper, which said: |
| And in a highly unusual move, the chancellor also published civil service advice from the Treasury's permanent secretary, Sir Nicholas Macpherson, who stated: | |
| Mr Salmond responded: "This is a concerted bid by a Tory-led Westminster establishment to bully and intimidate - but their efforts to claim ownership of sterling will backfire spectacularly in terms of reaction from the people of Scotland, who know that the pound is as much theirs as it is George Osborne's. | Mr Salmond responded: "This is a concerted bid by a Tory-led Westminster establishment to bully and intimidate - but their efforts to claim ownership of sterling will backfire spectacularly in terms of reaction from the people of Scotland, who know that the pound is as much theirs as it is George Osborne's. |
| "Mr Osborne's claims are based on a caricature of a currency union rather than the reality, and his claims, for example on the size of Scotland's banking sector, do not reflect that reality." | "Mr Osborne's claims are based on a caricature of a currency union rather than the reality, and his claims, for example on the size of Scotland's banking sector, do not reflect that reality." |
| The Scottish first minister added: "The reality is that a formal currency union with a shared sterling area is overwhelmingly in the rest of the UK's economic interests following a 'Yes' vote, and the stance of any UK government will be very different the day after a 'Yes' vote to the campaign rhetoric we are hearing now. | The Scottish first minister added: "The reality is that a formal currency union with a shared sterling area is overwhelmingly in the rest of the UK's economic interests following a 'Yes' vote, and the stance of any UK government will be very different the day after a 'Yes' vote to the campaign rhetoric we are hearing now. |
| "To do otherwise would involve a prospective Westminster chancellor of any party standing on a platform which was not only vastly at odds with majority public opinion across Scotland and the rest of the UK but would seriously damage the economy of the rest of the UK as it would cost their own businesses hundreds of millions of pounds a year, blow a massive hole in their balance of payments and it would leave them having to pick up the entirety of UK debt." | "To do otherwise would involve a prospective Westminster chancellor of any party standing on a platform which was not only vastly at odds with majority public opinion across Scotland and the rest of the UK but would seriously damage the economy of the rest of the UK as it would cost their own businesses hundreds of millions of pounds a year, blow a massive hole in their balance of payments and it would leave them having to pick up the entirety of UK debt." |
| But 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. | But 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. | 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. | 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 SNP continue to pretend that an independent Scotland could continue to share the pound. It couldn't, without agreement." |
| The Scottish Lib Dem MP said: "This isn't bluff, or bullying, it's a statement of fact." | The Scottish Lib Dem MP said: "This isn't bluff, or bullying, it's a statement of fact." |
| Mr Balls, added: "Alex Salmond is saying to people that you can have independence and keep the pound and the Bank of England - that is not going to happen. | Mr Balls, added: "Alex Salmond is saying to people that you can have independence and keep the pound and the Bank of England - that is not going to happen. |
| "It would be bad for Scotland, it would place an unacceptable burden on the UK taxpayer, it would repeat the mistakes of the euro area, in fact, worse. | "It would be bad for Scotland, it would place an unacceptable burden on the UK taxpayer, it would repeat the mistakes of the euro area, in fact, worse. |
| "It won't happen, I wouldn't recommend it. Scotland will not keep the pound if Scotland chooses independence." | "It won't happen, I wouldn't recommend it. Scotland will not keep the pound if Scotland chooses independence." |
| 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. |
| The referendum will see Scots asked the Yes/No question: "Should Scotland be an independent country?" | The referendum will see Scots asked the Yes/No question: "Should Scotland be an independent country?" |