Independent Scotland will not keep pound say UK’s big 3 parties

Britain’s three main political parties are set to deliver a powerful message to Scotland saying that what is left of the UK will refuse to form a monetary union with the country if voters endorse Scottish independence in September.

As evidence emerges that economic concerns have become a key concern for Scottish voters mulling a split from the UK, George Osborne, Danny Alexander and Ed Balls are each planning to deliver a strong warning that an independent Scotland would not be able to keep the pound.

The chancellor is set to be the first to target the issue, following on from his warning that Alex Salmond’s proposal had been “demolished” by the Bank of England Governor Mark Carney in a speech Carney made in Edinburgh last month.

Last week Osborne said to the House of Lords economic affairs committee: “I think that, frankly, Alex Salmond’s claims about the currency were pretty effectively demolished by the Governor of the Bank of England. It was a very non-partisan technical speech from a Canadian citizen, who pointed out that the conditions for a successful monetary union require the ceding of sovereignty and the creation of a banking union. That is why I said last year in Glasgow that I thought it was unlikely that a workable monetary union could be created. I will have more to say on the subject over the coming weeks.”

Osborne, Alexander and Balls are expected to tread carefully and deliver their warnings independently due to sensitivity over the matter.

Balls as also begun to pave the way for Labour’s message to Scottish voters. Last month he said: “Alex Salmond cannot continue to casually claim that Scotland could keep the pound,” he said. “He simply cannot make that promise because it would take both sides to agree. The only way to guarantee the pound is to stay in the UK.”

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