Pound sinks as Scottish independence race tightens

[unhappycamper]

http://www.thenewstribune.com/2014/09/08/3367738/pound-sinks-as-scottish-independence.html?sp=/99/261/



A general view at the border between Scotland and England just north of Berwick-upon-Tweed, Sunday, Sept. 7, 2014. Chancellor George Osborne told BBC on Sunday that the government is finalizing plans to give Scotland "much greater" fiscal and tax autonomy and will unveil the proposals in the coming days. He spoke after polls showed a tightening of the vote ahead of the landmark September 18 referendum on whether Scotland should become independent from Britain. The latest surveys show those who favor independence gaining ground despite British government warnings about possible pitfalls.

Pound sinks as Scottish independence race tightens
By JILL LAWLESS
Associated Press
September 8, 2014 Updated 10 minutes ago

LONDON — The British pound slid to a 10-month low against the dollar Monday and shares in Scotland-based companies fell after opinion polls suggested the campaign for Scottish independence could be edging toward victory.

At one stage, the pound had fallen 1.4 percent to $1.6104, its lowest level since November. It clawed back some ground by midday trading in London but at $1.6130, the pound is still nearly 2 cents down on the day.

Shares in Scottish-based financial institutions such as Royal Bank of Scotland and Standard Life also took a hammering, falling around 3 percent.

For months, polls have put the anti-independence side ahead, but the gap has narrowed ahead of the Sept. 18 vote. A poll released Sunday put the pro-independence forces in the lead, albeit by just two points. Other polls give the No side a narrow lead.