Scotland will not be able to make a ‘truly informed' decision on the independence referendum because it is impossible to know what the financial position will be, according to leading finance experts.

In a report into the financial future of Scotland, the Chartered Institute of Public Finance and Accountancy (CIPFA) found much of the fiscal picture would depend on the negotiations on devolution – which would not take place until after the referendum.

According to the report, The Scottish Referendum: Scotland's future in the balance, Scotland's liabilities of around £100bn would outweigh its assets of £84bn – putting it in a similar position to the rest of the UK in terms of its balance sheet.