February 2, 2023

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Most people in Scotland feel now is not the time for a second independence referendum

1 min read

Remarks by UK prime minister, Boris Johnson

Adding that a second Scottish independence is “reckless”.

The UK local elections takes place tomorrow and while the Tories will have no issues on the political front, a lot of eyes will be on whether or not the SNP can garner a majority in Scotland and push forward with a second independence referendum agenda.

That is also a risk factor to watch for the pound. Latest polls suggest that support for the SNP has declined but Nicola Sturgeon could yet power through with a knife’s edge majority after all is said and done tomorrow.

A strong victory for the SNP will likely see the pound suffer a knee-jerk shove lower but I would expect dips to be bought, as the market will slowly phase out said risks and focus more on the structural factors influencing the currency at this point in time.

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