The vote for Scottish independence is closing in, and the results appear too close to inspire confidence either way.
“In the possible event of Scotland’s departure from the UK, there would have to be a complete audit as well as revisions to financial systems and processes in Britain,” says Carl Hasty, Director of international payments specialist Smart Currency Business.
“British exports would rise, to include exporting to Scotland. Given that the process of separating Scotland from the rest of the UK would cause many fundamental changes that would affect British businesses, we would expect sterling to fluctuate. The separation process would be long, and the question of an independent Scotland’s currency might not be settled immediately.”
“It is crucial that British businesses currently trading with Scotland recognise the risks that could cause upheaval to their budgets and bottom line. It is prudent for businesses trading internationally to have strategies in place to mitigate the risks of currency exchange – as would be the case if Scotland votes ‘Yes’ for independence.”