Should Scotland become an independent nation next Thursday, September 18th, how the event will affect the nation’s whisky business, which accounts for 85% of Scotland’s food and drink business, depends on which side of the political campaign you ask.
Those advocating against Scottish independence say that economic uncertainty would result from a majority “yes” vote because it would require a change in currency away from Britain’s pound-sterling. This policy was confirmed by Bank of England governor Mark Carney recently who said that maintaining British currency in an independent Scotland is an “incompatible” idea. Instability in the currency market could make Scotch Whisky difficult to price, resulting in marketplace unpredictability.
Those in favor of Scottish independence, such as the chief executive of Yes Scotland Blair Jenkins, has argued that minor Scotch Whisky brands stand to benefit. In a whiskey marketplace already crowded with competing brands, Scotch distilleries would benefit from a higher profile in a newly independent nation. And were there a currency crisis, Scotch Whisky might become much cheaper on the international market, increasing the amount of exports.
Former British prime minister Gordon Brown, who is a native Scot, has campaigned against his homeland’s independence. While that may not make him friends back home, it is consistent with his quest for a global society, as recounted by the Economist editor John Micklethwait:
Read more at the Huffington Post UK
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