Scottish referendum outcome supports investment in Scotland

scottish referendum outcome supports investment

Scottish referendum outcome supports investment in Scotland and suggests interest rate rise on track, says KPMG economist.

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  • Referendum acts as “precipitative force” in shift towards greater regional spending and planning powers

Commenting on the economic impact of the outcome of today’s Scottish referendum, Yael Selfin, director in economics & dispute at KPMG, said: 

"We saw the pound surge overnight and expect to see a stock market bounce, in response to the Scottish 'no' vote. While this may well be temporary, this gives a clear indication of the markets' positive view of the referendum outcome.  Scotland united with the rest of the UK represents a larger market for businesses to operate in, cutting costs to customers and potentially improving productivity. 

"In the short term, the reduced uncertainty should also support more investment in Scotland and beyond. While in the longer term, new powers to a devolved Scotland will provide an opportunity to shape its future to a significant degree.   

"The removal of separation uncertainty also suggests interest rates are on course to rise in February, which will provide upwards support to sterling. 

“Increased devolution to Scotland opens the door further to other UK cities and regions as the nation as a whole embraces a move towards greater regional powers. We have already seen major new City deals in Glasgow, Manchester and Leeds, giving more spending and planning powers to local communities and economies. The Scottish referendum has certainly acted as a precipitative force in this emerging shift in power.”


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For further information please contact:

Sorrelle Cooper, UK Head of the Press Office, KPMG

T: +44 20 7694 8527

M: 44 7932 078218

KPMG Press Office : 020 7694 8773


About KPMG

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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