SNP admits separate Scotland would share bank debts

The SNP has admitted a separate Scotland would have to take its share of the debts from the banks bailed out by the UK Government. The liabilities of both RBS and Lloyds – who are part-owned by the taxpayer - amount to more than £3trillion.

Finance Secretary John Swinney conceded at an event held by the Institute of Chartered Accountants that Scotland would have to take responsibility for part of these debts if separated from the UK.

The admission is yet another U-turn by the SNP after Alex Salmond insisted in January an independent Scotland would not have to take its share of the bank liabilities.

Scottish Conservative finance spokesman Gavin Brown MSP said: “I welcome the fact the Scottish Government has accepted this. They should now amend their figures and publish what affect this would have on the budget of a separate Scotland. It is yet another issue on which the people of Scotland will need clear answers before taking the most important decision in more than 300 years.”