GO
Loading...

Britain says Scotland would lose the pound if it leaves UK: Osborne

British finance minister George Osborne warned Scotland on Thursday it cannot keep the pound if it votes for independence in a Sept. 18 referendum.

"The pound isn't an asset to be divided up between two countries after a break-up as if it were a CD collection," Osborne said in a speech in the Scottish capital.

(Read more: Aye or naw? UK PM pleads with Scottish to stay)

2013 Getty Images

"If Scotland walks away from the UK, it walks away from the UK pound."

Osborne said that there was no legal reason why Britain should share the pound with Scotland and that Scottish debt issuance would face "punitively high interest rates" in the case of secession.

Follow us on Twitter: @CNBCWorld

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More

Europe Video