Tagged in: Scottish Referendum

Scottish Referendum

Pound Takes a Hit Upon Scottish Referendum Murmurings

Greg Swift, A spokesperson for UK PM Theresa May, has reported that May remains against a second Scottish independence referendum. While speaking to reporters in London he stated that should the question be asked as to whether there would be another referendum, then the answer would clearly be a defiant “No.” Also, he pointed out that the Scottish people made their decision blatantly clear in 2014, to remain in the UK. The results were definitive, legal and fair, as such, it is no surprise to see that May wishes to stick to her guns over the matter. Swift was responding after a noticeable reduction in the pound, which was brought on by reports that the Scottish government was making preparations to have a second referendum vote.


A reduction of about 0.6% against the dollar was the level to which the pound dipped after May’s team was preparing for controversial Nicola Sturgeon, to use the Brexit controversy as a reason to call for yet another vote. During September 2014, Scotland voted 55% – 45% to stay in the UK. However, a poll carried out by the Glasgow Herald found that the split in favour of remaining within the union had shrunk down to just two percentage points. Bookmaker William Hill said that there’s a greater chance of Scotland’s nationalists succeeding should there be another referendum, with 7/4 odds for a “Yes” vote versus 2/5 odds for a ”No” vote.


The Scottish government refrained from commenting on the Times report.  However, since the historical Brexit vote on June 23rd, Sturgeon, the SNP leader, has continuously said that a second independence referendum was “likely to happen” after Scottish nationals opted to remain in the EU. She even stated that she felt that the UK government was running out of time with regards to Scotland’s wish to remain in the single market.


As with other ministers, May has made it known that they do not wish to chase after single-market membership within their talks of an after-Brexit EU deal. According to government officials involved in Brexit planning, the PM intends to prompt Britain’s withdrawal from the EU, doing so close to the time that a summit takes place in Brussels. The Scottish National Party holds its annual Aberdeen-based spring conference just 7 days later, with it sure to be an event with strong independence referendum ramifications. Economic editors such BBC’s Robert Peston is of the opinion that the UK’s increased cost of finance and the resultant harm to economic growth will continue for as long as the uncertainty about the referendum persists.


The reality is that, with the pound wavering, another Scottish independence vote could do further damage. In fact, the level of damage that it could do may actually prove to be rather telling given time. That being said, while it’s something that the SNP is clearly pushing for, the reality is that they are only likely to receive what they’re after under specific terms, with Theresa May certainly set to call the tune.


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Alexander Bowring is a London based writer and a Southampton Solent University Screenwriting graduate. He has worked alongside TV personality and Telegraph feature writer Alison Cork, whilst also having produced content for ITV, This Morning, Canvas8, Who’s Jack, Alison at Home, and Bonallack & Bishop Solicitors. Alexander also has a keen interest in investments.