A Scottish ‘No’ would have limited economic impact but a ‘Yes’ would rattle markets and the Scottish economy

We anticipate a muted financial and economic response if Scotland votes ‘No’ on 18th Septembersince both markets and most companies are expecting this. By contrast, we think a ‘Yes’ vote wouldhave a noticeable impact on markets and the Scottish economy, although the impact on the rest ofthe UK’s economy would be more limited.

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