Scottish Independence: SNP to Deconstruct George Osborne's Currency Union Argument
Scottish Independence: SNP to Deconstruct George Osborne's Currency Union Argument. Salmond with SNP Deputy leader Nicola SturgeonReuters

The Scottish National Party is planning to deconstruct the UK Chancellor's argument that an independent Scotland would be precluded from using the pound.

George Osborne last week launched a searing attack on Scottish independence, telling voters that if they quit the UK, they will lose the pound.

According to excerpts of Scotland's first minister's speech, to be delivered by the Business for Scotland organisation in Aberdeen later today, Alex Salmond will say Osborne's case against a currency union is "ill-thought out and misinformed".

Salmond is tipped to do this by laying out a "point-by-point deconstruction" of Osborne's speech.

"The reality is the pound is as much Scotland's as the rest of the UK," Salmond will say.

"By suggesting otherwise, the Westminster establishment - Tories, Labour and Lib Dems - are reaping a backlash from the ordinary people of Scotland, who feel this is an attempt to bully Scotland ahead of the democratic choice we all look forward to this September.

Meanwhile, SNP's deputy leader, Nicola Sturgeon went on BBC's Radio 4 Today programme and said that it would be in the UK's best interests to continue in a currency union with an independent Scotland.

Scottish people will vote in an independence referendum in September this year and will be asked the straight "yes/no" question: "Should Scotland be an independent country?"

The SNP is pushing for a yes vote in the September independence referendum, but has continually told voters that it is likely that the country will retain the pound.

However, Osborne said on 13 February that "if Scotland walks away from the UK, it walks away from the pound."

Scottish Independence
Scottish Independence: SNP to Deconstruct George Osborne's Currency Union ArgumentReuters

He added, "there is no legal reason why the rest of the UK would need to share the currency with an independent Scotland."

"The pound is not an asset to be divided up."

Meanwhile, even Britain's main opposition slammed Salmond for losing credibility within international politics after SNP's leader and other party members made repeated 'irresponsible' threats to not pay their country's debt in the event that an independent Scotland loses the pound.

In a TV interview, shadow chancellor Ed Balls also added that Salmond was making promises he can't keep.

"Salmond is saying to people that you can have independence and keep the pound and the Bank of England. That is not going to happen," said Balls.

"The idea that Salmond could hope to be credible as an international figure, negotiating with the European Union or the UK government, while he makes threats, which are so irresponsible he would renege on debt. I don't think that's taken seriously because if it was true it would be utterly catastrophic."