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Osborne stands firm on shared currency position

George Osborne has insisted there will be no currency union with an independent Scotland
George Osborne has insisted there will be no currency union with an independent Scotland

Chancellor George Osborne has insisted his opposition to a currency union with an independent Scotland is not a campaign tactic.

The Conservatives, backed by Labour and the Liberal Democrats, have said there will be no deal to share the pound in the event of a Yes vote in September.

However, the SNP has argued it would be in the best interests of the whole of Britain, and have pointed to the admission by an unnamed UK minister, who said earlier this year “of course” it would happen.

A survey published last month revealed that two thirds of people in England and Wales believe Scotland should keep the pound.

Just 26% of people south of the border were opposed to a currency union, according to the annual British Social Attitudes report by NatCen.

However, Mr Osborne, speaking to the Press and Journal on a visit to Aberdeen, insisted his stance would not change.

He said: “Look, it is very important, when Scots make this very important decision in September, that they are in possession of all the facts.

“It’s not for me to decide what Scotland’s future is on the 18th of September, its for Scots to decide.

“But it’s my responsibility as Chancellor of the Exchequer, it’s the responsibility of the UK Government, and of the main political parties based in Westminster to explain what the consequences of separation are.

“You have had myself, the Liberal Democrat Chief Secretary to the Treasury, the Labour shadow chancellor and the party leaders of the Conservative party, Labour and the Liberal Democrats, all make it clear there will not be a currency union if Scotland votes for separation.

“Those are the facts.

“Now, on the basis of those facts, it’s up to the people of Scotland to make their decision.”

A spokesman for Finance Secretary John Swinney dismissed the comments last night, however.

“An independent Scotland will keep the pound – as conceded by the unnamed UK minister caught telling the truth by saying ‘of course’ there will be a currency union,” he said.

“The pound is as much Scotland’s as it is England, Wales and Northern Ireland’s, and there is nothing George Osborne can do to stop people in Scotland using their own pound.

“The facts is, a currency union between an independent Scotland and the rest of the UK will be in everyone’s economic interest.”