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'Serious consequences if Scots vote Yes'

Wednesday, September 03 16:58:39

A decision by Scotland to vote in favour of independence from the United Kingdom could have serious consequences for the Scottish and UK economies, Goldman Sachs said in a research note today.

"Opinion polls suggest that the gap between the 'Yes' and the 'No' camps has narrowed but that a 'Yes' vote in favour of independence remains unlikely," Goldman Sachs' economist Kevin Daly wrote in the note.

"In the event of a surprise 'Yes' vote, the near-term consequences for the Scottish economy, and for the UK more broadly, could be severely negative," he added.

Daly also said that the threat of a break-up would investors with a strong incentive to sell Scottish-based assets and withdraw deposits from Scottish based banks.

He added that the Bank of England would be unable to credibly commit to a sterling currency union remaining unbroken in case of a "Yes" vote later this month.

Sterling has already fallen to a five-month low against the dollar on worries about Scotland away from the United Kingdom. (Reuters)

For more, visit www.businessworld.ie