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Scottish independence: Danny Alexander insists currency union refusal 'is final' Scottish independence: Danny Alexander insists currency union refusal 'is final'
(about 1 hour later)
The cross-party decision to rule out a monetary union if Scotland becomes independent is final, the chief secretary to the Treasury is to say.The cross-party decision to rule out a monetary union if Scotland becomes independent is final, the chief secretary to the Treasury is to say.
In a speech later, Danny Alexander will insist the UK government is not going to change its mind on the issue.In a speech later, Danny Alexander will insist the UK government is not going to change its mind on the issue.
Scottish ministers believe appearing to rule out a currency union is a campaign tactic by the unionist parties.Scottish ministers believe appearing to rule out a currency union is a campaign tactic by the unionist parties.
Scottish Finance Secretary John Swinney said the Bank of England had made clear how a shared currency could work.Scottish Finance Secretary John Swinney said the Bank of England had made clear how a shared currency could work.
Mr Alexander will repeat his views on a sterling zone in a speech to representatives of the pensions industry.Mr Alexander will repeat his views on a sterling zone in a speech to representatives of the pensions industry.
Speaking on BBC Radio Scotland's Good Morning Scotland programme, Mr Alexander also rejected the idea that an independent Scotland could continue to use the pound without a formal currency union.Speaking on BBC Radio Scotland's Good Morning Scotland programme, Mr Alexander also rejected the idea that an independent Scotland could continue to use the pound without a formal currency union.
'British foundations'
He said: "The people I'm speaking to today, the financial services industry of Scotland, would be decimated if we went down that sort of sterlingisation route, as it is called.He said: "The people I'm speaking to today, the financial services industry of Scotland, would be decimated if we went down that sort of sterlingisation route, as it is called.
"Without a central bank, without a lender of last resort, there would be no-one to stand behind the hugely important businesses that are built up in Scotland over hundreds of years."Without a central bank, without a lender of last resort, there would be no-one to stand behind the hugely important businesses that are built up in Scotland over hundreds of years.
"This is a Scottish success story built on British foundations.""This is a Scottish success story built on British foundations."
On the same programme, Mr Swinney insisted the Bank of England had made clear a shared currency after independence was possible.On the same programme, Mr Swinney insisted the Bank of England had made clear a shared currency after independence was possible.
He said: "We should look at the dispassionate analysis put together by the governor of the Bank of England, who came to Edinburgh several weeks ago and set out the arrangements by which a currency zone could operate between an independent Scotland and the rest of the United Kingdom.He said: "We should look at the dispassionate analysis put together by the governor of the Bank of England, who came to Edinburgh several weeks ago and set out the arrangements by which a currency zone could operate between an independent Scotland and the rest of the United Kingdom.
"What heartened me enormously by the way in which Mr Carney went about that exercise was he set out very clear arrangements that would need to be put in place and all of these arrangements had been foreseen.""What heartened me enormously by the way in which Mr Carney went about that exercise was he set out very clear arrangements that would need to be put in place and all of these arrangements had been foreseen."
A formal monetary union between an independent Scotland and the rest of the UK was ruled out by Chancellor George Osborne, Mr Alexander and Labour Shadow Chancellor Ed Balls last month.A formal monetary union between an independent Scotland and the rest of the UK was ruled out by Chancellor George Osborne, Mr Alexander and Labour Shadow Chancellor Ed Balls last month.
But on Wednesday, MSPs on Holyrood's Economy Committee were told by the leader of the Scottish government's fiscal commission working group, Crawford Beveridge, that Mr Osborne was not being serious.But on Wednesday, MSPs on Holyrood's Economy Committee were told by the leader of the Scottish government's fiscal commission working group, Crawford Beveridge, that Mr Osborne was not being serious.
The working group recommended a formal monetary union as the best option for an independent Scotland when it reported its findings to the Scottish government last year.The working group recommended a formal monetary union as the best option for an independent Scotland when it reported its findings to the Scottish government last year.
It met again on Thursday to re-affirm its backing for this option, and set out plans to provide further analysis to demonstrate that, while other options are viable for Scotland, "there are clear advantages for the rest of the UK from the proposed Sterling area".
The commission also said the UK Treasury had "overstated" the risks of a formal currency union.
Plan BPlan B
It met again on Thursday to re-affirm its backing for the option, and set out plans to provide further analysis to demonstrate that, while other options are viable for Scotland, "there are clear advantages for the rest of the UK from the proposed Sterling area".
The commission also said the UK Treasury had "overstated" the risks of a formal currency union.
However, in his speech in Edinburgh later, Mr Alexander is expected to dismiss suggestions the rejection of a formal sharing of the pound was a politically-motivated and tactical move.However, in his speech in Edinburgh later, Mr Alexander is expected to dismiss suggestions the rejection of a formal sharing of the pound was a politically-motivated and tactical move.
He will use his speech at the National Association of Pension Funds to reiterate calls for the Scottish government to "deal with the consequences" of the rejection of a monetary union, and publish a so-called Plan B. He will use his speech at the National Association of Pension Funds to reiterate calls for the Scottish government to "deal with the consequences" of the rejection of a monetary union, and publish a currency Plan B.
His speech will come as Scotland's First Minister Alex Salmond chairs the latest meeting of his Council of Economic Advisers. His speech will come as Scotland's First Minister Alex Salmond chairs the latest meeting of his council of economic advisers.
Mr Alexander is expected to tell his audience: "I've seen some people suggest we are not serious about refusing a currency union.Mr Alexander is expected to tell his audience: "I've seen some people suggest we are not serious about refusing a currency union.
"Let's call this the John McEnroe defence. Except in this instance it's not just one person they're shouting at, but three."Let's call this the John McEnroe defence. Except in this instance it's not just one person they're shouting at, but three.
"And our decision - taken in the best interests of Scotland and the rest of the UK - is final."And our decision - taken in the best interests of Scotland and the rest of the UK - is final.
"No ifs, no buts. No matter how much of a racket they make, it isn't going to change.""No ifs, no buts. No matter how much of a racket they make, it isn't going to change."
Speaking ahead of Mr Alexander's speech, Deputy First Minister Nicola Sturgeon called on him to use his visit to Edinburgh to "apologise to people the length and breadth of Scotland for the policies his Tory-led government is imposing on them."
She added: "Just this week, we have seen an independent report warn of a 'humanitarian crisis' in Scotland, with almost a million people in poverty as a direct result of those Tory-Lib Dem policies.
"Danny Alexander and his Lib Dem colleagues reneged on their promises to get into bed with the Tories - and no one in Scotland should believe a word they say now."
'Important year''Important year'
Meanwhile, investment and savings business Alliance Trust has become the the latest company to outline its contingency planning for Scottish independence.Meanwhile, investment and savings business Alliance Trust has become the the latest company to outline its contingency planning for Scottish independence.
It announced it is to set up additional companies in England as a result of uncertainty surrounding the independence referendum.It announced it is to set up additional companies in England as a result of uncertainty surrounding the independence referendum.
The 125-year-old Dundee-based business said it was taking the precaution in order to protect its customers regardless of the outcome in September.The 125-year-old Dundee-based business said it was taking the precaution in order to protect its customers regardless of the outcome in September.
The trust currently has offices in Dundee, Edinburgh and London.The trust currently has offices in Dundee, Edinburgh and London.
In a statement outlining the company's annual results, chief executive Katherine Garrett-Cox said: "2014 is an important year for Scotland.In a statement outlining the company's annual results, chief executive Katherine Garrett-Cox said: "2014 is an important year for Scotland.
"The referendum in September is creating uncertainty for our customers and our business, which we have a responsibility to address."The referendum in September is creating uncertainty for our customers and our business, which we have a responsibility to address.
"Regardless of the outcome it is critical that we are able to provide continuity of service and protection for their investments and savings.""Regardless of the outcome it is critical that we are able to provide continuity of service and protection for their investments and savings."