British MP Criticizes Scotland’s Independence Desire

As America’s July 4 celebrations get underway, it might not be long before Scotland has its very own independence day. Scots will vote on whether the region should quit the U.K. in just 75 days, but British lawmaker George Galloway warned that breaking away would result in a “race to the bottom”.

Maverick politician Galloway, an MP with the extreme-left Respect Party, told CNBC that the prospects for working people would be reduced in both Scotland and England if the countries split.

“There will be a race to the bottom. Cutting costs, taxes, expenditure and regulation. And that’s not in the interest of workers,” he said. “It seems to me a great pity to tear it asunder in the interests of no one that I can see except the petty nationalist politicians.”

via CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza