Speyside takes UK wrap as guarantee risk dismissed

spilt whisky
By Richard Metcalf
20 Aug 2014

With the Scottish independence referendum less than a month away, another project in the country has announced it will enjoy funding advantages as a result of the UK’s £40bn government guarantee scheme. But if Scotland chooses independence from the rest of the UK, market participants appear to be unconcerned about the risks of that guarantee not being honoured.

Although the UK has said it will stand by the guarantees should Scotland leave the union, little thought appears to have been given to the consequences of a dispute over whether or how Scotland would pay its share of the UK’s overall public debt. Scotland’s pro-independence first minister, ...

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