Policy paper

UK debt and the Scotland independence referendum

This publication was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

This is a technical note on UK debt in the context of the Scotland independence referendum.



The Treasury has today set out detail on government debt in the event of Scottish independence. The technical note makes clear that the continuing UK Government would in all circumstances honour the contractual terms of the debt issued by the UK Government. An independent Scottish state would become responsible for a fair and proportionate share of the UK’s current liabilities.

An entirely separate contract between the continuing UK Government and an independent Scottish state’s Government would need to be established. The respective shares of debt and the terms of repayment would be subject to negotiation.