Alex Salmond said Mr Osborne had "downplayed the disadvantages to the rest of the UK from a sterling zone", as he warned that rejecting a currency union could damage business in the rest of the UK.
I am publishing today an estimate of the transactions cost he would potentially impose on businesses in the rest of the UK.
They run to many hundreds of millions of pounds.
My submission is that this charge - let us call it the George Tax - would be impossible to sell to English business.
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