Hand holding money
Media playback is unsupported on your device
Video

SNP: Ruling out of currency union would be 'bullying'

UK Chancellor George Osborne is likely to rule out a formal currency union with an independent Scotland, government sources have said.

Stewart Hosie, the SNP Treasury spokesman, told the Today programme's James Naughtie that the decision amounts to "bullying" and shows "panic" in those campaigning for a "no" vote in September's referendum.

He added that by saying a formal currency union would not be possible, Osborne would "have an immediate impact on sterling balance of trade".

First broadcast on BBC Radio 4's Today programme on Wednesday 12 February.

Go to next video: BP boss warns of Scottish uncertainty