In a memorandum being sent to members of the financial community this morning, the Treasury will commit to holding all of the UK’s £1.2 trillion in debt, whether or not the Scottish people vote for independence this September.
However, instead of carving up the debt between the two countries, an independent Scotland would reimburse the Treasury’s payments.
It is believed that if the Treasury did not pledge to hold the debt, investors could begin to demand a premium, raising gilt yields.
Financial security is one of the pro-union campaign’s biggest arguments, but it is understood that Treasury officials do not believe guaranteeing the UK’s debt weakens its case against Scottish independence.
A Treasury spokesman did not comment.
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