19 September 2014 - The FTSE has reacted positively to the news that Scotland has voted ‘no’ to ending the 307-year union with Britain, with Scottish shares seeing significant rises. While the ‘yes’ camp will be disappointed, this is generally perceived amongst fund managers to be the best outcome for the British economy. There is nothing the markets like less than uncertainty. And while the new devolution powers have yet to be thrashed out, the message of unity is a positive one for markets and the UK economy.
We also had some client concerns about what today's outcome means for their investments. The result, as you would expect, means no change to the existing tax rules for ISAs, SIPPs and savings, as well as financial regulation, or protections for any UK resident.