Scottish independence: Alex Salmond to 'deconstruct' Osborne's refusal to shared pound

First Minister set to attack Osborne's position on sterling zone as 'misinformed'

Scottish First Minister Alex Salmond presents the White Paper for Scottish independence (Getty Images)

Alex Salmond has vowed to "deconstruct" the chancellor's refusal to sharing the pound with an independent Scotland in a speech to business leaders later today.

The First Minister is set to attack George Osborne's position on the matter as "misinformed" and "ill-thought-out" after the chancellor rejected calls for a formal currency union with the rest of the UK.

The SNP leader has accused Westminster of "bullying" and using "anti-democratic" tactics after all three main parties ruled out a go-it-alone Scotland being able to carry on using the pound.

Salmond 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.

"I will be deconstructing the chancellor's ill-thought-out and misinformed intervention point-by-point, making clear why a currency union not only favours Scotland but is in the clear economic interests of the UK as well."

Salmond was left facing a new policy setback after Jose Manuel Barroso, president of the European Commission, warned that it would be "extremely difficult, if not impossible" for an independent Scotland to join the union.

Speaking to the BBC, Barroso highlighted that countries like Spain- which is also facing demands for independence from Catalonia and Basque nationalists- would likely veto its entry.

An independent Scotland would have to apply for EU membership which must be upheld by all member states. Senior Scottish National Party figures described his claims as "preposterous" and "nonsense".