Alexander: SNP need alternative currency proposal

The UK Treasury has published a further analysis of the SNP's proposed currency union in the event of Scotland voting for separation.

Chief Secretary to the Treasury Danny Alexander said: "As a Scot and as Liberal Democrat... on the basis of this analysis, I couldn't recommend a currency union to the people of Scotland and my party couldn't agree to such a proposition for the rest of the UK.

Danny Alexander (right) with Chancellor George Osborne. Credit: Alastair Grant/PA Wire

"The SNP now need to work out what their alternative currency proposal is and set it out openly.

"This isn't bluff, or bullying, it's a statement of fact. The SNP's claims that an independent Scotland could or should be able to share the pound are pure fiction.

"When we vote in September, no one in Scotland should vote for independence in the belief that we could keep the pound."

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Chancellor rules out currency union with Scotland

If Scotland "walks away" from the UK it would also be walking away from the pound, the Chancellor has said. George Osborne issued the stark warning to voters north of the border ahead of September's independence referendum.