Scottish Independence: Thoughts on the Financial Services sector

On September 18th, the people of Scotland will make a decision which could have a profound effect on the future of the whole United Kingdom. We are concerned that if there is a narrow majority in favour of separation we will face several years of uncertainty, slower growth and politicking which will be damaging to all across the UK. There is the danger that the long term gains that may be achievable will in our view be dwarfed by the near term turmoil that a YES decision will unleash. These worries over the future for a separated Scotland translate to concern over the impact on the financial services industry; uncertainty over both macro and micro issues would weaken its foundations in Scotland. This will have significant implications not only for the sector across the wider UK, but also for the community of software and IT services (SITS) suppliers supporting it.

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