Pound Surges 1% as Risk of Imminent Scotland Referendum Recedes
Comment of the Day

May 10 2021

Commentary by Eoin Treacy

Pound Surges 1% as Risk of Imminent Scotland Referendum Recedes

This article from Bloomberg may be of interest to subscribers. Here is a section:

Then there’s the prospect of another divisive campaign, and issues over Scotland’s future currency, the state of its finances, EU membership and the border with England coming to the fore again. That’s something many in Scotland remain unwilling to get into again.

“We haven’t demonstrated that we have the capability,” said Rachel Martin, 63, a bank worker in Glasgow, which as a city voted for independence seven years ago when the country as a whole rejected it. “I haven’t seen the politicians answer the questions that weren’t answered at the last referendum that we had.”

Sturgeon may need the political capital she’s been accruing since taking over as Scotland’s first minister and SNP leader following the 2014 vote to stay in the U.K.  

Eoin Treacy's view

Scotland voted for the status quo in both the independence referendum and the Brexit referendum. The demise of the Labour Party is a bigger story than the success of the Scottish Nationalist Party in many respects. During a time of economic and political strain people favour revolutionaries because they offer change. Labour’s vision has calcified and that has left a political vacuum which the SNP has filled. However, that does not mean Scotland is ready to approve independence when so many questions about what the new country would look like remain unanswered.

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