SNP leader and Scotland's first minister Alex Salmond has claimed Scotland has as much right to continue using the pound as anywhere else in the UK.
The currency has proven to be one of the main areas of debate around Scottish independence, with the country set to go to the polls to decide its fate later in the year.
Prime minister David Cameron and chancellor George Osborne have both said an independent Scotland would not be able to continue to use the pound, a stance that Scotland's deputy first minister Nicola Sturgeon decried as "bullying".
Mr Salmond is now planning to use an address to members of the pro-independence Business for Scotland organisation in Aberdeen later today (February 17th) to deliver a "point-by-point deconstruction" of Mr Osborne's recent speech.
The first minister said: "The reality is the pound is as much Scotland's as the rest of the UK. 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."
Currency union criticised
Former chancellor Alistair Darling, who is now the leader of the pro-Union Better Together campaign, has also stated that an independent Scotland could not continue to use the pound. He recently indicated that the idea of a currency union did not "stack up" for Scotland, or for the rest of the UK.
Mr Darling said: "Alex Salmond is a man without a plan on currency and Europe. The wheels are falling off the independence wagon."
The independence campaign has been targeted by the government in recent weeks and was further hit by claims Scotland would not be able to join the European Union as an independent country. If it could not become a member of the EU, it would also be difficult for Scotland to start using the euro as an alternative for the pound.
As well as keeping the pound, Mr Salmond and the yes campaign are planning to continue using the Bank of England in the event of Scotland voting for independence later this year.
Learn about the sterling and forex trading at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.