Scottish Independence: Alex Salmond's currency defence

Key points

  • UK Chancellor George Osborne said last week the rest of the UK would not want to share the sterling currency with an independent Scotland
  • Labour and the Lib Dems agreed that a vote for Scottish independence would mean walking away from the pound
  • Scotland's First Minister Alex Salmond has vowed to "deconstruct" the chancellor's case in a speech to business leaders

Live text

STANDARD 1047

Scotland's first minister Alex Salmond is to give a speech to the pro-independence Business for Scotland organisation in Aberdeen at 11:00

STANDARD 1052

The Scottish government says that following a "yes" vote in September's referendum, it would be in everyone's interests for Scotland and the rest of the UK to share the pound.

STANDARD 1053

UK ministers argue such a deal would essentially see Scotland's monetary policy set by a foreign country.

STANDARD 1054

In its White Paper blueprint for independence, the Scottish government says a currency union is vital to let companies go about their business, otherwise there could be a damaging effect in the rest of the UK.

STANDARD 1055

The UK government asks why the rest of the UK should enter into a sterling union with Scotland, when recent experience in the euro area has shown how difficult these agreements are to maintain.

STANDARD 1058

As well as Conservative chancellor George Osborne, both Labour and the Liberal Democrats have indicated they are also opposed to a currency union.

STANDARD 11:02

Mr Salmond is about to be introduced at the Business for Scotland event in Aberdeen. The organisation has 1,400 members in Scotland, mainly from small to medium enterprises. The organisation says it prides itself on the diversity of its membership.

TWEET

James Bloodworth

tweets: Alex Salmond needs to woo, not bully, the rest of the UK