The Scottish vote is here! Burke Bros await with anticipation
Tonight we could witness a monumental moment in the history of the United Kingdom. After over 300 years, it’s possible that Scotland will vote to leave the UK.
The Scottish independence referendum (or “indyref”) takes place tonight which – with no clear leading vote – leaves many of us in a precarious situation, with uncertainty dogging Sterling’s value today and a potential plummet by this time tomorrow.
What YES could mean
We could see Sterling fall dramatically in value, with leading commentators talking of anything from 5% to 10%.
This would be down to the lack of certainty on what happens next. The split would lead to protracted negotiation on key issues such as debt and currency, causing more uncertainty for investors and therefore major volatility for Sterling.
For Burke Bros if Scotland leaves they will no longer be a domestic move and will be classed as an international move. Also if not accepted into the EU we assume anyone moving to Scotland will not have to pay VAT on their moving invoice as no longer in the UK or EU.
What NO could mean
We may see Sterling strengthen, as the lack of confidence from investors dissipates.
That’s not to say it’ll be a stroll in the park – the restoration of confidence in Sterling may take some time as investors will, no doubt, be shaken up by the whole affair.
One assumes if they say no, our Burke Bros trucks will trundle back and forth servicing all Scottish and English customer as usual.