Before Britain triggers Article 50, it needs to factor in the cost and long and near term implications of its decision.
As a fallout of Britain’s historic decision to leave the European Union, JP Morgan has disclosed that it expects Scotland to vote for its independence and introduce its own currency, before Britain formally leaves the European Union in 2019.
“Our base case is that Scotland will vote for independence and institute a new currency at that point (2019),” said Malcolm Barr, JP Morgan’s economist, in a note to clients on Wednesday.
Scotland’s First Minister Nicola Sturgeon is set to meet Jean-Claude Juncker, the European Commission’s President sometime this afternoon, so as to discuss new ways for Scotland to remain within the EU.
In last week’s referendum, Scotland has voted to stay within the EU while the United Kingdom voted in favour of leaving, with a 52% of its citizens favouring Brexit.