We know there will not be a currency union between the UK and an independent Scotland. Alex Salmond and finance secretary John Swinney have said that if an independent Scotland cannot continue to use the pound, then Scotland will not take on its share of the UK national debt.
By definition, this must include the additions to the UK’s debt in 2014, 2015 and 2016.
Scotland’s share of the UK deficit for those years will be roughly £10 billion.
Why should the UK continue to fund Scotland’s deficit if Scotland will not repay it? Should the UK insist on a guarantee for this element of the debt, or cut expenditure in Scotland by about £5bn per annum?