Scots’ debts may be Britain’s
15 Jan 2014 4:11 AM IST
The British government will announce on Monday that it will take responsibility for all British government debt should Scotland vote to leave the United Kingdom this year, a person familiar with the situation said on Sunday.
‘Essentially we would be the counterparty on any debt that was owed,’ the person said.
The UK government would seek a bilateral arrangement with the Scottish government about its share of the UK debt in the event of a vote for independence in September’s referendum, the person said.
The person declined to be named ahead of publication of the notice by the Treasury on Monday.
Scotland will vote in September on whether they want to keep the 306-year union intact. Scottish nationalists say independence will free it from decades of economic mismanagement, while the British government is campaigning to keep Scotland part of Britain.
‘Essentially we would be the counterparty on any debt that was owed,’ the person said.
The UK government would seek a bilateral arrangement with the Scottish government about its share of the UK debt in the event of a vote for independence in September’s referendum, the person said.
The person declined to be named ahead of publication of the notice by the Treasury on Monday.
Scotland will vote in September on whether they want to keep the 306-year union intact. Scottish nationalists say independence will free it from decades of economic mismanagement, while the British government is campaigning to keep Scotland part of Britain.
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