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Scotland votes to stay in the UK

Posted Friday, 19 September 2014, 12.22pm

After yesterday's historic referendum, the result is clear if not overwhelming: NO

This morning saw the FTSE rising and with a strengthened pound the UK economy seems to be stabilising after a difficult week.

Banking stocks and major Scottish companies saw prices bounce back up. The trend had begun, even before yesterday evening, when the market had already decided the most likely outcome was a NO vote.

Being in financial services, we work with many Scottish companies and offices based over the border. Standard Life were the first to issue a statement to us this morning.

 "We recognise that further constitutional change is very likely following the clear result of the referendum. We will consider the implications of any changes for our customers and other stakeholders in our business to ensure their interests are represented and protected. As a large company based in Scotland, Standard Life is ready to contribute to this process."

On a more local level The Cumbria Chamber of Commerce were quick today to issue a statement to Cumbrian business like ourselves, many of whom have customers in Scotland. Rob Johnson the Chief Executive pointed out that today's decision must be decisive.

"Uncertainty is always disruptive to business so this can't simply be the first in a series of referenda until one side or the other gets the result that it wants. Business and investment prospects across the UK would be deeply hurt by a Quebec style 'neverendum' - a lesson that politicians must heed."

There are certainly interesting political times ahead, but from an economic and financial perspective the markets have spoken this morning.

Ruth Power, Director of Business Development

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