"In the event of Scottish independence from the United Kingdom,
the continuing UK government would in all circumstances honor the
contractual terms of the debt issued by the UK government," the
Treasury said in a statement.
An independent Scotland would be responsible for "a fair and
proportionate share" of Britain's liabilities but a share of the
outstanding debt would not be transferred to Scotland, it said,
adding the terms of repayment would be subject to negotiation.
Britain's net debt stood at nearly 1.2 trillion pounds at the end of
the 2012-13 fiscal year.
(Reporting by William Schomberg; editing by Belinda Goldsmith)
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