Scotland, it’s the most northerly part of the UK. It’s beautifully mountainous and quite desolate in places, in contrast to built-up places like Edinburgh, which is a great buzzing metropolitan capital city. Worth a visit if you ever get the chance.
On 18-Sep-2014 the scots are voting whether to go for an independent Scotland, that is, separate from the UK or whether to remain part of the UK. A “YES” or “NO” to an independent Scotland. It’s also been brewing for hundreds of years.
This is not an event to be taken lightly, it’s a historic event, it’s outcome will have a big impact on the UK one way or another. A “YES” vote to Scotland breaking away from the UK, would have the biggest impact.
The pound dropped considerably on the news that the Scots might actually vote “YES”. Which has been speculated to be because the UK would lose the income from north sea oil and gas supplies. I actually have no way of quantifying oil/gas supplies, yes losing them might be a massive blow to UK economy, or it might be a drop in the ocean having no effect, I don’t know. In any case the UK pound against other currencies is likely to be volatile over the course of the next few days. For those who aren’t gamblers or don’t have a very strong stomach or don’t have insider information, might be best to close out on any open trades that might be affected by fluctuating GBP, prior to the announcement.
There’s some worries floating around about what will happen to the Scottish currency. Currently they use GBP the British pound, and print their own version of the money. It’s legal British tender, although the British are usually reluctant to accept the Scottish notes, much to the dismay of the Scots. There’s also talk that the Scots might adopt the Euro, that is provided the other member states of Europe want Scotland to join, perhaps they do, perhaps they don’t.
Personally I’m sceptical about what Scotland actually contributes to the UK. North sea oil and gas, we said that already, possibly, I don’t know the scale of the money. Whiskey, tweed and, erm, sheep ? … drugs, gangs, crime and poverty in the housing “schemes” ?
Hogmanay, whoops nearly forgot that, and the Edinburgh Fringe Festival … Grown men wearing skirts ? *ahem*, I mean kilts 😀
The nationalistic Scots I’ve met forever whine and bitch about how they are/were the victims of English tyranny, and how the English wrongfully took over their country back in the days of kings, knights and barons … my reply to the nationalistic Scots, is vote “YES” and good luck with that, how many hundreds of years did that take you ?
A bit of Scot bashing, my sense of humour in play, fun not serious. I have Scottish friends, so I know you guys can take it. Anyway, most Scots are far better humoured than the English 😀
Bottom line, if I was a gambling man, my money would be on a “NO” vote. I think it’s a massive change, and people always fear change (good or bad), even if it means escaping the “tyranny of the English”. The pound has been steadily rising against other currencies in the lead up to the announcement. Perhaps an indicator of the markets pricing in a “NO” vote, and relieved that the north sea oil and gas are “safe” under UK control. Or could be a contrarian indicator. Markets are likely to be volatile around this news, so be careful if you have exposure to GBP currency, or exposure on related markets. Obviously do your own due diligence, and, no, this doesn’t constitute financial advice.
Whatever happens it’s a historic event, I’m very interested to hear the outcome … and joking aside, honestly happy for the Scots if they do vote “YES”, or indeed “NO”, perhaps the moans and groans about the English will cease 😀
Over to you …
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