Scottish independence: UK's credit rating could be threatened as Treasury guarantees Scotland's debt

Bond traders welcome the Treasury's confirmation that it will stand by all UK debt in the event of Scottish independence but credit rating agencies could be concerned about the UK's bigger burden  “Without Scotland, the UK’s GDP will be reduced by around 10pc, which means its debt to GDP ratio will rise until the money is repaid,” he said. “Some will say that it’s only an accounting issue because the UK government will have a claim on Scotland but it’s hardly a liquid asset. The debt level is everyone’s issue.”