George Osborne has said that breaking the union between Scotland and the rest of the UK, "would represent a very deep dive in to uncharted waters."
"Let's be clear, abandoning current arrangements would represent a very deep dive in to uncharted waters. Would a newly independent Scottish state be prepared to accept significant limits on its economic sovereignty.
"To submit its budgetary plans to Westminster before Holyrood, to constraint the degree of tax competition between Scotland and the rest of the UK. To accept some continuing oversight and what is the economic case for the remaining UK?"