Banking Giant JP Morgan Predicts Scottish Independence by 2019
June 29, 2016
Analysts from the American banking giant JP Morgan have indicated that they expect to see Scotland become an independent country by 2019.
The bank’s experts have also said that they are anticipating the creation of a new Scottish currency within the same timeframe.
With Britain seemingly set to leave the European Union after the result of the recent UK-wide referendum, financial sector analysts are keen to understand as much as they can about what the eventual ramifications of a so-called Brexit might be.
Scotland’s first minister Nicola Sturgeon has made clear her desire for Britain to remain part of the EU and has suggested that a second referendum on Scotland’s position within the UK could soon be undertaken.
While a slender majority of Brits voted to leave the EU in the recent national referendum, a sizable majority of Scots voted to remain within it and there has since been widespread speculation the Scotland’s political leadership will seek to retain its membership of the EU even if the rest of the UK is to leave.
“Our base case is that Scotland will vote for independence and institute a new currency at that point (2019),” Malcolm Barr, an economist from JP Morgan told his clients on June 29th.
Barr noted in his communication on the likely consequences of Britain’s vote to leave the EU that there are a wide range of potential outcomes in play and that relevant projections could not currently be made with any real certainty.
“In our minds, however, it is useful to lay out a base case as to how we think things will play out from here,” he wrote.
Meanwhile, outgoing British prime minister David Cameron has suggested that staging a second referendum on the subject of Scottish independence would be unwise.
“There was a legal, fair and decisive referendum two years ago,” a spokesperson for the prime minister said. “The reasons for Scotland being in the UK are as strong now as they were 18 months ago.”
If you live anywhere in Scotland and you are struggling to manage your personal finances and cope with mounting debts then Scotland Debt Solutions can help. Contact us directly to arrange a free and confidential consultation.
If you’re worried that the council might take action against you for non-payment of council tax, entering into a Scottish trust deed can be a beneficial step. It stops legal action by all creditors included in the arrangement, and provides a ‘safe haven’ from which to regain control of your finances. As council tax arrears […]
A debt payment programme (DPP) remains on your credit file for six years, along with other default markers and court judgments that have been made against you. This can seriously affect your ability to borrow for this period of time, and longer. Even if you can secure borrowing, lenders are only likely to offer unfavourable […]
If you owe a debt of £5,000 or less, your creditor may send you a Simple Procedure Notice of Claim. This is a relatively new procedure that was brought in by the Scottish government and commenced on 28th November 2016 – their intention being to make it easier to resolve debt disputes. So if you’ve […]
A Bankruptcy Restriction Order may be made against you if it’s believed that you acted dishonestly, recklessly or unlawfully before you were made bankrupt, or during your bankruptcy. Your Trustee will inform the Accountant in Bankruptcy (AiB), and if their suspicions are upheld, a BRO of 2-15 years can be made depending on the seriousness […]
Debt payment programmes (DPPs) are an intrinsic part of the Debt Arrangement Scheme, which allows you to pay off unsecured debt at an affordable rate. If a debt payment programme is rejected by one or more creditors, the DAS Administrator can apply their discretion on whether to approve the plan, after using a test to […]
If you’re struggling to pay your unsecured debts, a debt payment programme could help you to regain control of the situation, and become financially stable again. Debt payment programmes are a fundamental part of the Debt Arrangement Scheme (DAS) in Scotland, and allow you to repay over a longer period of time. These programmes involve […]