Scottish independence: There will not be a currency union, says Alexander

Danny Alexander has said there would be no pound-sharing currency union between an independent Scotland and the rest of the UK.

The chief secretary to the Treasury made the comment during a speech to the National Association of Pension Funds, in Edinburgh.

He said: "If the Scottish people vote for independence, there will not be a currency union between Scotland and the rest of the United Kingdom. It's not going to happen."

The Scottish government has dismissed the ruling out of a currency union by the main Westminster parties as a bluff.

Scottish Finance Secretary John Swinney said the position of UK ministers meant they were arguing to take responsibility for all UK debt in the event of a referendum "Yes" vote.