Scottish independence referendum: IMF warns Yes vote could hit financial markets

 
Guy Bentley
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IMF warn Scottish independence could lead to "negative market reactions" (Source: Getty)

The International Monetary Fund (IMF) has weighed into the debate on Scottish independence warning there could be significant market uncertainty if Scots vote to leave the union.

IMF spokesman William Murray said:

The main immediate effect is likely to be uncertainty over the transition to potentially new and different monetary, financial and fiscal frameworks in Scotland.

While this uncertainty could lead to negative market reactions in the short term, the longer term will depend on the decisions being made during the transition, and I do not want to speculate on this.

The IMF's comments are the latest in a string of warnings from banks and businesses in the last 48 hours who have stressed the host of problems that would arise following a Yes vote.

The intervention may renew fears over an independent Scotland's future currency arrangements, with chancellor George Osborne insisting he is not bluffing when he says there will be no formal currency union with an independent Scotland and rump UK.

Furthermore, in the event of secession, Scotland would need to apply to join the IMF, as well as the EU and Nato.

The latest YouGov poll puts the No vote at 52 per cent and the Yes vote at 48 per cent.

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