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Published on September 23rd, 2014 | by admin

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Scottish Referendum: Scotland votes ‘no’

The rejection of independence was decided last Thursday with just over 2m Scots voting in favour of remaining in the United Kingdom compared to 1.6m who voted ‘yes’ to independence.

Setting a new record for any election held in the UK since the introduction of universal suffrage in 1918, the turnout of 84.5% for the Scottish referendum saw a total of 3,619,915 people cast their vote.

The Scottish referendum created a level of uncertainty for retailers like the Post Office operating in the country. Several retailers had raised concerns that a ‘yes’ vote may well have led to prices of products increasing in Scottish stores because potential independence may have led to higher operating costs for businesses north of the border.

Predictions were made that everyday costs faced by families could have risen; such as household bills, mobile phone charges and the cost of postage stamps throughout Scotland, from Gretna in the south, to the Shetland Isles in the north.

Another potential implication of Scotland voting to sever its ties with the rest of the UK may have been operating with a different currency too. When the result of the Scottish referendum was known, it had a positive impact on foreign currency markets and sent the pound soaring on the Asian markets.

Whilst Scotland will continue to be part of the United Kingdom following the referendum outcome, nevertheless more decisions that matter to the Scottish people will be taken in Scotland. Regardless of how the people of Scotland had decided to vote, The Scotland Act 2012 means further devolution of financial matters which will be decided by the Scottish Parliament from April next year.

These include devolution of stamp duty land tax and landfill tax and extended borrowing powers. Further down the line, as of April 2016, a new Scottish rate of income tax will come into force.

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patrick.maddison@vowretail.com'



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