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Alex Salmond attacks George Osborne over rejection of currency union Alex Salmond attacks George Osborne over rejection of currency union
(about 3 hours later)
Alex Salmond has attacked George Osborne's intervention in the independence debate, in which he stated that London would not share the pound in a formal currency union, as "ill-thought-out and misinformed".Alex Salmond has attacked George Osborne's intervention in the independence debate, in which he stated that London would not share the pound in a formal currency union, as "ill-thought-out and misinformed".
Scotland's first minister said he intends to deconstruct the chancellor's position on the issue when he addresses business leaders in Aberdeen on Monday. Scotland's first minister said he intended to "deconstruct" the chancellor's position on the issue when he addresses business leaders in Aberdeen on Monday.
Osborne said that he would not be prepared to enter a currency union with an independent Scotland during a speech in Edinburgh on Thursday. In a speech in Edinburgh on Thursday, Osborne said he would not be prepared to enter a currency union with an independent Scotland.
He said he had arrived at this position by considering analysis from the Treasury and official advice from the department's leading civil servant.He said he had arrived at this position by considering analysis from the Treasury and official advice from the department's leading civil servant.
Both Labour and the Liberal Democrats have indicated they are also opposed to a currency union, the Scottish government's preferred plan should Scots vote for independence later this year.Both Labour and the Liberal Democrats have indicated they are also opposed to a currency union, the Scottish government's preferred plan should Scots vote for independence later this year.
The Scottish Nationalist party (SNP) administration has already dismissed Osborne's speech as "bluff, bluster and bullying".The Scottish Nationalist party (SNP) administration has already dismissed Osborne's speech as "bluff, bluster and bullying".
Salmond will attack Osborne's stance when he speaks to the pro-independence Business for Scotland organisation.Salmond will attack Osborne's stance when he speaks to the pro-independence Business for Scotland organisation.
He said: "The reality is the pound is as much Scotland's as the rest of the UK. By suggesting otherwise, the Westminster establishment - Tories, Labour and Lib Dems - are reaping a backlash from the ordinary people of Scotland, who feel this is an attempt to bully Scotland ahead of the democratic choice we all look forward to this September. He said: "The reality is the pound is as much Scotland's as the rest of the UK. By suggesting otherwise, the Westminster establishment – Tories, Labour and Lib Dems – are reaping a backlash from the ordinary people of Scotland, who feel this is an attempt to bully Scotland ahead of the democratic choice we all look forward to this September.
"I will be deconstructing the chancellor's ill-thought-out and misinformed intervention point by point, making clear why a currency union not only favours Scotland but is in the clear economic interests of the UK as well."I will be deconstructing the chancellor's ill-thought-out and misinformed intervention point by point, making clear why a currency union not only favours Scotland but is in the clear economic interests of the UK as well.
"For example, the chancellor will have to explain exactly why he favours imposing almost £500m worth of higher transaction costs on UK businesses instead of entering a perfectly feasible sterling area with the rest of the UK's second biggest trading partner."For example, the chancellor will have to explain exactly why he favours imposing almost £500m worth of higher transaction costs on UK businesses instead of entering a perfectly feasible sterling area with the rest of the UK's second biggest trading partner.
"The Scottish government has welcomed the recent acknowledgement by the Treasury that it will remain legally liable for all debt issued by the UK government up to the point of independence, and we will continue to take the fair and reasonable position that an independent Scotland should finance a fair share of that."The Scottish government has welcomed the recent acknowledgement by the Treasury that it will remain legally liable for all debt issued by the UK government up to the point of independence, and we will continue to take the fair and reasonable position that an independent Scotland should finance a fair share of that.
"However, the chancellor will have to wake up to the fact that he cannot lay claim to assets to which Scotland has a share - such as the Bank of England and the pound - and still expect an independent Scotland to meet a share of UK liabilities." "However, the chancellor will have to wake up to the fact that he cannot lay claim to assets to which Scotland has a share – such as the Bank of England and the pound – and still expect an independent Scotland to meet a share of UK liabilities."
He added: "These are just two examples of undemocratic and self-defeating positions being put forward by a Westminster establishment that continues to say whatever campaign rhetoric suits their cause before the referendum and highlights why they will smartly change their tune after it."He added: "These are just two examples of undemocratic and self-defeating positions being put forward by a Westminster establishment that continues to say whatever campaign rhetoric suits their cause before the referendum and highlights why they will smartly change their tune after it."
Salmond's comments regarding debt liabilities have been branded reckless by pro-union politicians and campaigners, who have also called for the first minister to bring forward his "plan B" on currency arrangements.Salmond's comments regarding debt liabilities have been branded reckless by pro-union politicians and campaigners, who have also called for the first minister to bring forward his "plan B" on currency arrangements.
Commenting on behalf of Better Together, the shadow pensions minister Gregg McClymont said: "Alex Salmond's reckless threat to default on debt because he won't get a deal on the pound puts the pension of every Scot at risk.Commenting on behalf of Better Together, the shadow pensions minister Gregg McClymont said: "Alex Salmond's reckless threat to default on debt because he won't get a deal on the pound puts the pension of every Scot at risk.
"The idea that Alex Salmond can walk away from our debt obligations to the rest of the UK without consequences for Scots and their pensions is sheer fantasy. "The idea that Alex Salmond can walk away from our debt obligations to the rest of the UK without consequences for Scots and their pensions is sheer fantasy. Alex Salmond is a man without a plan on currency and pensions. He needs to tell us what will happen to pensions now that the pound is off the table."
"Alex Salmond is a man without a plan on currency and pensions. He needs to tell us what will happen to pensions now that the pound is off the table."