Pound Drops as May Reported to Brace for New Scottish Referendum
- A second vote could see a ‘fundamental downshift’ in GBP: LCG
- House of Lords begins detailed look at May’s draft Brexit law
JPMorgan's Gartside Sees Weak Pound on Brexit Hurdles
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The pound fell against all its major peers after The Times reported that U.K. Prime Minister Theresa May’s team is preparing for Scotland to potentially call for an independence referendum.
Sterling, which has been held hostage by politics since a Scottish referendum in 2014, fell as much as 0.6 percent after the newspaper cited unidentified government sources as saying May could agree to a new Scottish vote, but on condition it is held after the U.K. leaves the European Union. It stayed lower even after May’s spokesman Greg Swift said on Monday that there should be no second Scottish vote.