'No' Votes Defeat Scottish Independence Referendum
Edinburgh (Sept 19) Scotland will remain part of the U.K. as secession opponents won 55% of the vote versus 45% who sought independence, according to several news reports.
A total of 3.6 million votes were counted, representing a record 85% turnout, news reports said.
“The people of Scotland have spoken. It is a clear result. They have kept our country of four nations together. Like millions of other people, I am delighted. As I said during the campaign, it would have broken my heart to see our United Kingdom come to an end,” said Prime Minister Dave Cameron in a press release on Downing Street’s website, www.gov.uk.
Gold prices were little changed on the news, but the yellow metal had not reacted much to the Scottish news in the days leading up the vote. Instead, gold was influenced more by the strength in the U.S. dollar.
Currency analysts at BNP Paribas said the British pound rose sharply on the initial referendum results, but reversed some of those gains as the European session wore on.
“We expect sterling strength to continue: the obstacles for GBP strength have now been cleared given that the political uncertainty around the referendum has abated. The focus for sterling will now likely be back to fundamentals, particularly in the context of the normalization of U.K. monetary policy. GBP is likely to garner momentum amid a U.K. economy that has been solidly recovering,” BNP Paribas said.
Cameron said the decision to have a definite “yes” or “no” vote allowed the Scottish people to have their say and to also settle the matter.
“Let us also remember why it was right to ask the definitive question, yes or no. Because now the debate has been settled for a generation or as Alex Salmond has said, perhaps for a lifetime. So there can be no disputes, no re-runs – we have heard the settled will of the Scottish people,” he said.
Going into the vote, polls were too close to call, but bookmakers said the odds favored a united U.K., and currency markets also wagered on a “no” vote.
The vote “stirred strong passions,” Cameron said.
“It will be remembered as a powerful demonstration of the strength and vitality of our ancient democracy. Record numbers registered to vote and record numbers cast their vote. We can all be proud of that. It has reminded us how fortunate we are that we are able to settle these vital issues at the ballot box, peacefully and calmly.
“Now we must look forward, and turn this into the moment when everyone – whichever way they voted – comes together to build that better, brighter future for our entire United Kingdom,” he said.
Source: KitcoNews
