After 55% of Scottish voters said no to independence in yesterday’s referendum, “UK investors will welcome a reduction in the uncertainty of recent months”, according to Martin Gilbert, the chief executive of Aberdeen Asset Management. Throughout the campaigns, people both above and below the border have questioned the economic future of both an independent and unionist Scotland, from currency queries to questions about the price of their weekly shop, but it seems the dust has settled for now.
The pound falling in recent weeks has been linked to the historic vote, though some still think that sterling will “remain vulnerable” and interest rates still aren’t set to rise until Spring 2015. Despite this residual uncertainty, most UK investors seem relieved by the outcome. The head of investment research at Hargreaves Lansdown, Mark Dampier, believes that “investors can continue to manage their savings, investments and pensions” just as they did before, as “the UK remains one of the most stable countries in the world in which to invest and conduct business.”
Despite the disappointment felt by Yes supporters, the overall consensus amongst British investors and investment managers demonstrates confidence in Scotland and England’s combined economies.
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