The impact on Europe of the Scottish independence referendum
The Scottish referendum vote on independence is a historic turning point for Britain and the whole of Europe. With the result of the September 18 ballot too close to call, a recent poll for the first time showing the Yes camp holding a majority triggered a crisis in ruling circles across the continent. Numerous political leaders and influential figures lined up to oppose Scottish independence and warn of its disastrous implications.
This response is motivated, in the first instance, by the fear that Scotland’s separation would deepen the economic crisis not only of the UK, but drag the whole of Europe down with it. Amid predictions that a Yes vote could lead to a fall in the value of the pound of up to 15 percent, nearly £17 billion of UK shares, bonds and other financial assets have been sold by investors over the past month.
It has long been the argument of Scottish nationalists that Westminster has hijacked Scotland's most precious resource for its own purposes.