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Osborne: UK 'will not share the pound with Scotland'

The Chancellor George Osborne has told MPs that a formal currency union between an independent Scotland and the rest of the UK will not happen.

Chancellor George Osborne has come out strongly against the UK sharing the pound with an independent Scotland Credit: Chris Radburn/PA Wire/Press Association Images

Osborne said it was a "no ifs, no buts" position as he insisted there would not be a deal to allow Scotland to share sterling after independence.

The three main Westminster parties have all ruled out a currency union, but doubts about the UK government's position surfaced earlier this year when an unnamed minister was reported as saying "of course" there would be a deal done to share the pound.