Saxo Group Videos

Beecroft: Why Scottish freedom is holding Sterling hostage

Voting has begun in the Scottish independence referendum, with postal ballots already delivered this week. Polling day isn't until the 18th of September but the question of what currency Scotland would use in the event of a Yes vote appears to already be having an impact on the Pound.

Saxo Bank's Chairman of Saxo Capital Markets argues that the campaign is already producing enough uncertainty to hold Sterling down. He also predicts that in the event of a yes vote the Pound could drop as much as ten percent.

Nick believes a vote for Scottish independence would delay a rate rise from the bank of England plus he explores the implications of 'Sterlingisation', the use of GBP by a newly independent Scotland which raises legal as well as financial issues.

UK Prime Minister David Cameron is due to speak at a Confederation of British Industry event as business leaders have been setting out the cases for and against independence in letters sent to national newspapers.

03:40 minutes
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