Scotland

Sterling has surged to a two-year high as Scotland votes to remain part of the United Kingdom, as the results of its historic referendum on independence suggest the 'no' campaign has won by a slim margin.

An independent Scotland would result in its economy struggling for at least ten years, a poll of leading fund managers has said.

Artemis' William Littlewood does not expect the pound to suffer a sustained fall in the event of a ‘yes' vote in today's Scottish referendum, despite betting against the currency in his Strategic Assets fund.

Hopelessly devolved

The pound could dive a further 10% in as little as a week if a 'yes' vote on Scotland is approved, witnessing a sell-off reminiscent of sterling's fall on Black Wednesday more than 20 years ago, a manager has warned.

This week's referendum on Scottish independence will herald a period of ‘extraordinary political and economic uncertainty' for the UK whatever the outcome, Neil Woodford has said.

Investors will pull money out of a separated UK because of the "economic abomination" that is its current account deficit, Société Générale's Albert Edwards has warned.

Scottish fund managers have suffered outflows in recent months amid increased uncertainty over the outcome of the country's independence referendum.

Aegon would establish a new registered life company in England should Scots vote for independence on 18 September.

Investment trust analysts at Winterflood Securities have marked Scottish investment trusts as a buying opportunity should the country vote ‘yes' to independence.