British govt. confirms debt pledge ahead of Scottish referendum

British govt. confirms debt pledge ahead of Scottish referendum

PanARMENIAN.Net - The British government confirmed on Monday, Jan 13, that it will take responsibility for all British government debt should Scotland vote for independence in September, a move it hopes will avoid jitters in bond markets ahead of the referendum, Reuters reports.

"In the event of Scottish independence from the United Kingdom, the continuing UK government would in all circumstances honor the contractual terms of the debt issued by the UK government," the Treasury said in a statement.

An independent Scotland would be responsible for "a fair and proportionate share" of Britain's liabilities but a share of the outstanding debt would not be transferred to Scotland, it said, adding the terms of repayment would be subject to negotiation.

Britain's net debt stood at nearly 1.2 trillion pounds at the end of the 2012-13 fiscal year.

Related links:
 Top stories
Tsarnaev is likely to be moved to a federal prison in Terre Haute, Indiana, to await execution, but there could be years of appeals.
The measures are also expected to introduce banning orders for extremist organizations who use hate speech in public places.
The U.S. State Department offered up to $7mln for information on Qaduli whom it described as a senior IS official.
So far 18 people have also been confirmed dead in an avalanche that swept through the Mount Everest base camp.
Partner news