Scotland: Referendum on independence

11.45am: The Scottish First Minister has confirmed that she will be seeking a Section 30 order to allow a second referendum on membership of the United Kingdom between the Autumn of 2018 and the Spring of 2019. This means that it is likely Scotland will seek not only to leave the UK, but in doing so to remain within the European Union. Such a move would allow UK businesses to remain in Britain and still function as part of the EU. This will appeal particularly to financial institutions that can move to Edinburgh rather than either lose their international standing or move to the European continent.

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