Scotland Wants Referendum if UK Leaves Single Market

Scotland will hold a new referendum on separation from the U.K. unless it can stay in the European Union single market, First Minister Nicola Sturgeon will warn this week, adding to the pressure on Theresa May as the U.K. premier draws up plans for Brexit.

Sturgeon will detail proposals for a new arrangement with the U.K. to enable her country to remain inside the single market after Brexit, even if the government in London pulls England, Wales and Northern Ireland out. Voters in Scotland chose to stay in the EU in June’s referendum and now face being pulled out against their wishes by votes cast in England, she said in a commentary published in Monday’s Financial Times.

“It remains my view, and that of the government I lead, that the best option for Scotland remains full membership of the EU as an independent member state,” Sturgeon said. “Independence must remain an option for safeguarding our European status, if it becomes clear that our interests cannot be protected in any other way.”

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.