Scotland looks to hold second referendum on independence

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The move would allow a fresh legally-binding referendum to be held, if consent is granted. "Another referendum would be divisive and cause huge economic uncertainty at the worst possible time", the spokeswoman was quoted as saying by the Belfast Telegraph.

Scottish First Minister Nicola Sturgeon yesterday demanded a new Scottish independence referendum to be held late next year or early 2019, once the terms of Britain's exit from the European Union (EU) have become clear.

The pound is holding on to its daily gains this morning, remaining steady after Scotland's First Minister confirmed she would be seeking a second referendum on Scottish independence in the wake of the UK's Brexit vote. This would mean Prime Minister Teresa May could trigger Article 50 as soon as Tuesday, which would mean the two-year process of leaving the European Union officially beginning.

Ms Sturgeon said: 'The timing of the Brexit negotiations are not within the control of the Scottish Government.

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At a press conference on Monday, she said Scotland was at an "important cross roads", which Scotland had not chosen.

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Dr Adam Marshall, Director General of the British Chambers of Commerce, said: "Business communities all across the United Kingdom will be thinking, first and foremost, about the additional uncertainty that a second independence referendum would generate".

Since the United Kingdom voted in favor of Brexit in June, the pound has plummeted, and is predicted to remain at record lows even after Prime Minister Theresa May's government triggers official proceeding to exit the EU.

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"The UK government was clear in 2014 that an independence referendum should be, in their words, "made in Scotland, by the people of Scotland" - that is a principle that should be respected today".

"Our efforts at compromise have instead been met with a brick wall of intransigence", she said.

On the other hand, Sturgeon is keen on having the referendum before Brexit takes place to maximise the possibility of Scotland remaining or swiftly rejoining the bloc.

A new poll has revealed a second vote on Scottish independence may be too close to call.

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