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October 22, 2019

British pound depreciated after rumors for new referendum in Scotland

UK Scotland EUThe British pound depreciated against many leading currencies on Monday because of successive concerns of another referendum on Scottish independence from the United Kingdom. The British pound was subject to pressure early in the week after the Times reported that Prime Minister Theresa May is preparing to request from the Scottish Government to hold a second referendum on independence. It is expected that this call to coincide with the activation of Article 50 to the Lisbon Treaty, probably in March, which will launch the process of Brexit.

Theresa May would agree to a vote again in Scotland, provided that it took place after the UK already has left the European Union.

On Friday the pound started to become cheaper after The Independent reported that Scottish authorities are seriously considering a second referendum this year.

In September 2014, 55% of the population of Scotland voted to remain within the United Kingdom.

The British pound fell to 1.2391 dollars early Monday, and the currency traded with a decline of 0.26% to 1.2430 dollars.

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