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Scottish independence: Danny Alexander insists currency union refusal 'is final' Scottish independence: Danny Alexander insists currency union refusal 'is final'
(35 minutes later)
The cross-party decision to rule out a monetary union if Scotland became independent is final, the chief secretary to the Treasury will say. The cross-party decision to rule out a monetary union if Scotland became independent is final, the chief secretary to the Treasury has said.
In a speech later, Danny Alexander will insist the UK government is not going to change its mind on the issue. Danny Alexander insisted the UK government was not going to change its mind on the issue.
Scottish ministers have dismissed the ruling out of a currency union by the main Westminster parties as a bluff.Scottish ministers have dismissed the ruling out of a currency union by the main Westminster parties as a bluff.
Scottish Finance Secretary John Swinney said UK ministers were arguing to take responsibility for all UK debt.Scottish Finance Secretary John Swinney said UK ministers were arguing to take responsibility for all UK debt.
Mr Alexander, along with UK Chancellor George Osborne and Labour shadow chancellor Ed Balls, have said they could not support a formal currency union between Scotland and the rest of the UK in the event of a "Yes" vote in the 18 September referendum.Mr Alexander, along with UK Chancellor George Osborne and Labour shadow chancellor Ed Balls, have said they could not support a formal currency union between Scotland and the rest of the UK in the event of a "Yes" vote in the 18 September referendum.
The chief secretary to the Treasury will use a speech to representatives of the pensions industry to again call on the Scottish government to come up with a currency Plan B, insisting his position is not a campaign tactic. The chief secretary to the Treasury used a speech to representatives of the pensions industry to again call on the Scottish government to come up with a currency Plan B, insisting his position was not a campaign tactic.
'British foundations' 'John McEnroe defence'
Ahead of his speech to the National Association of Pension Funds, Mr Alexander told the BBC's Good Morning Scotland programme: "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. Mr Alexander told the National Association of Pension Funds conference: "I've seen some people suggest we are not serious about refusing a currency union.
"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. "Let's call this the John McEnroe defence. Except in this instance it's not just one person they're shouting at, but three.
"This is a Scottish success story built on British foundations." "And our decision - taken in the best interests of Scotland and the rest of the UK - is final.
On the same programme, Mr Swinney said there "would have to be a negotiation" over a currency union under independence, but argued the Bank of England had set out that such an arrangement was possible. "No ifs, no buts. No matter how much of a racket they make, it isn't going to change."
Mr Alexander's speech came as Scottish First Minister Alex Salmond chaired the latest meeting of his council of economic advisers.
Meanwhile, Mr Swinney told the BBC's Good Morning Scotland programme there "would have to be a negotiation" over a currency union under independence, but argued the Bank of England had set out that such an arrangement was possible.
Alternative option
Asked what would happen if the Scottish government "lost" such a negotiation, he added: "If the UK government sustains its current line of argument, the line of argument pursued by George Osborne, then what would happen is the UK would be assuming all of the responsibility for the debt of the UK.Asked what would happen if the Scottish government "lost" such a negotiation, he added: "If the UK government sustains its current line of argument, the line of argument pursued by George Osborne, then what would happen is the UK would be assuming all of the responsibility for the debt of the UK.
"An independent Scotland wouldn't be saddled with the proportionate share of debt that we have freely accepted that we would have to take on."An independent Scotland wouldn't be saddled with the proportionate share of debt that we have freely accepted that we would have to take on.
"The UK government would be walking in to assuming all of the debt, and that is another compelling reason why the circumstances that I've set out, of the rest of the UK agreeing to a currency union zone with an independent Scotland, is a strong and credible proposition.""The UK government would be walking in to assuming all of the debt, and that is another compelling reason why the circumstances that I've set out, of the rest of the UK agreeing to a currency union zone with an independent Scotland, is a strong and credible proposition."
Alternative option
Asked which alternative currency option an independent Scotland would pursue, he said: "The point I'm making about debt is that it is so unlikely that George Osborne is going to voluntarily absolve the people of Scotland of over £100bn worth of debt, that George Osborne - or whoever is the chancellor after the 2015 election - will be agreeing to a currency zone with an independent Scotland."Asked which alternative currency option an independent Scotland would pursue, he said: "The point I'm making about debt is that it is so unlikely that George Osborne is going to voluntarily absolve the people of Scotland of over £100bn worth of debt, that George Osborne - or whoever is the chancellor after the 2015 election - will be agreeing to a currency zone with an independent Scotland."
Mr Alexander's speech will come as Scottish First Minister Alex Salmond chairs the latest meeting of his council of economic advisers.
The Scottish Liberal Democrat MP 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.
"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."
'Important year'
Meanwhile, investment and savings business Alliance Trust has become the latest company to outline its contingency planning for Scottish independence.Meanwhile, investment and savings business Alliance Trust has become the latest company to outline its contingency planning for Scottish independence.
It announced the setting-up of additional companies in England as a result of uncertainty surrounding the independence referendum.It announced the setting-up of 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.