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SNP accuses Chancellor of 'bullying tactics'

The treasury spokesman of the Scottish National Party accused the Chancellor of "bullying tactics" today, after reports that the main Westminster parties would refuse a currency union in the event of a vote for Scottish independence.

Chancellor George Osborne and the No campaign are resorting to bullying tactics, the SNP said. Credit: PA Wire

Speaking on the BBC's Radio 4 Today programme, Stewart Hosie said a refusal to reach a deal on using the pound sterling could result in Scotland not accepting a share of the UK's national debt. He said:

"The UK Government themselves two weeks ago when they made their announcement said that the debt was UK debt and they had to honour it.

Now we are perfectly happy to service and pay our share of that but the discussions on the liabilities, including the national debt, go hand in glove with the assets, which includes the Bank of England and a currency union. And George Osborne can't have it both ways.

"It's bullying, it's panic in the No campaign, it's utterly bizarre and it will backfire."

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Scotland 'would not need permission to use pound'

Scotland would not need permission to continue using the pound despite the Chancellor's view on the issue, and could continue with the currency in the same way countries like Panama and Ecuador use the US dollar, Sam Bowman from the Adam Smith Institute said today.

An independent Scotland would not need England’s permission to continue using the pound sterling, and in fact would be better off using the pound without such permission.

There is very little that an English government would actually be able to do to stop Scottish people from continuing to use the pound sterling if they wanted to.

Scotland’s position would be closer to that of countries like Panama, Ecuador and El Salvador, which use the US Dollar without American “permission”, and, according to research by the Federal Reserve of Atlanta, consequentially have far more prudent and stable financial systems than if they were part of a formal currency union.

More: Sturgeon slams PM's 'love bombing to bullying' tactics

National

Sturgeon slams PM's 'love bombing to bullying' tactics

Scotland's Deputy First Minister Nicola Sturgeon hit out at reports that the three major parties in Westminster were planning to issue warnings that an independent Scotland would not be able to keep the pound.

Nicola Sturgeon said the reports that the three major parties will warn Scotland would not be able to stay with the pound is a bluff. Credit: PA Wire

Speaking to BBC Radio's Good Morning Scotland programme, the Westminster establishment had gone from David Cameron's "love bombing" back to "bullying and intimidation."

More: Cameron: 'I will fight with everything I have to keep us together'

"It is a bluff, because if this was to be the position of the Westminster government then it would put them in a position that's at odds with majority public opinion in Scotland, it would put them at odds with majority public opinion in England.

"It would cost their own businesses hundreds of millions of pounds, it would blow a massive hole in their balance of payments and it would leave them having to pick up the entirety of UK debt."

Read: Political parties 'set to rule out Scotland currency union'

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