Sanity clause

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As a former fund manager I hope I can bring a little sanity to some of the alarmism over market reaction to tightening referendum polls.

As I write, the share price of Standard Life is 12 per cent higher than it was a month ago when polls showed the Yes campaign trailing by 22 per cent and markets fully expected a No vote. The RBS share price is up very slightly over the same period.

Markets have taken changes in the polls in their stride yet it seems No campaign politicians appear desperate to create as much fear as possible.

Furthermore, the recent weakness in sterling can be attributed to the suggestion that oil’s contribution to sterling’s balance of payments might be removed.

In other words, that is a problem for rUK rather than an independent Scotland – and is another reason why a currency union will be in the interests of rUK after the referendum.

C Hegarty

Glenorchy Road

North Berwick