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The Treasury has pledged to honour all UK Government debt up to the date of potential Scottish independence.
An independent Scottish Government would become responsible for a ``fair and proportionate'' share of current liabilities, according to a paper issued by the Treasury.
In the event of independence, a new contract would be needed between governments following extensive negotiations.
There would be no change to UK-issued gilts, or bonds. ``Instead, an independent Scotland would need to raise funds in order to reimburse the continuing UK for this share,'' the Treasury paper states.
British ministers have so far refused publicly to ``pre-negotiate'' terms of independence for Scotland.
Voters in Scotland will be asked whether the country should be independent in a referendum on September 18.