“No ifs, no buts, no fudges, no deals.” An independent Scotland would not wring a currency union from Westminster, MPs have warned once more.

The “unequivocal” judgment issued from the House of Commons’ Scottish affairs committee today followed the grilling of front-bench figures from all three major parties.

Chairman and Labour MP Ian Davidson said his panel believed the “far-reaching” consequences of Scotland without a formal currency union could include capital flight from the finance sector, with thousands of jobs lost as a result.