Britons outside of Scotland believe the country has no viable alternative to Sterling. Photograph: Danny Lawson/PA Photograph: Danny Lawson/PA

The future of Scotland's currency continues to divide opinion, polls show

This article is more than 10 years old

YouGov poll finds 53% of Britons outside Scotland oppose the country keeping the pound and believe it has no viable alternative to sterling should it vote for independence

As currency continues to dominate the independence debate, polls are increasingly showing a divide between Scottish opinion on monetary union and that of the rest of the UK.

A new survey released yesterday shows that Britons outside Scotland believe the country has no back-up plan if it is not allowed to keep the pound. This is in spite of what seems to be overwhelming public opinion in Scotland itself that the currency should be kept if the country goes independent.

A recent YouGov poll, of 1,622 UK adults in England, Wales and Northern Ireland, commissioned by currency transfer service, UKForex, found that more than half of respondents believed Scotland had no alternative to sterling, and would oppose the country keeping the pound should it become independent.

Adding to allegations from Scottish ministers that the no campaign is "Project Fear", a phrase first used facetiously by a Better Together campaigner to a political journalist, all of the main UK political parties have so far rejected the possibility of a currency union in the event of a Yes vote, although some MPs have privately suggested an agreement would be reached.

Surveys continue to suggest that the people of Scotland would prefer to keep the pound. In a joint poll conducted by ICM and Scotland on Sunday in February, shortly after George Osborne announced that “if Scotland walks away from the UK, it walks away from the UK pound,” showed that 63% of Scots would opt to remain with sterling.

A separate Panelbase poll suggested that 57% of Scots believed there would be a currency union if the country voted for independence. However, there has to be some caution when approaching this poll given that it was commissioned by the Yes Scotland campaign itself.

The figures prompted the Chief Executive Blair Jenkins to say: "We have strong evidence that the people of Scotland have seen right through the currency bluff of George Osborne, Ed Balls and Danny Alexander."

The financial impact of independence- according to the poll

The most recent YouGov poll showed a clear difference of opinion when Britons outside Scotland were asked about the effect of Scottish independence on their own finances; 45% said they had money in Scottish financial institutions, with two out of five saying they would be likely to move their money to an England-based provider if the country were to lose the pound.

This finding could indicate a threat to the Scottish financial sector which currently has more than £750bn of assets under management, according to the Scottish Financial Enterprise.

Scottish Financial Enterprise has calculated that nine in ten customers of Scotland's many banks, pension providers and investment institutions are based elsewhere in the UK. If 42% of those customers were to move their money out of Scotland, as the YouGov/UKForex poll suggests, it could mean as much as £280bn moving south of the border.

The majority of respondents felt that Scottish independence would make no real difference to their personal financial situation.