September 9, 2014 / 12:33 PM / in 4 years

UK-Scotland currency union incompatible with sovereignty - Carney

Bank of England Governor Mark Carney waits to deliver his keynote speech at the annual Trades Union Congress (TUC), in Liverpool, northern England September 9, 2014. REUTERS/Phil Noble

LONDON (Reuters) - Bank of England Governor Mark Carney said a currency union between an independent Scotland and the remainder of the United Kingdom would be incompatible with sovereignty, dealing a blow to Scottish nationalists ahead of next week’s referendum on independence.

Carney, speaking at a conference of trade union leaders, recalled a speech he made in January in which he said a successful currency union would require cross-border agreements on tax and spending as well as on banking rules.

He also noted the opposition of Britain’s three main political parties to a currency union with an independent Scotland, as proposed by the Scottish nationalists.

“So it’s in that context, if you put it together, a currency union is incompatible with sovereignty.”

Scottish voters go the polls on Sept. 18 for a referendum on whether to break away from the United Kingdom.

Reporting by David Milliken and Andy Bruce, writing by William Schomberg

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