Scotland’s devolved government will start a drive to protect its European Union membership and will prepare for a possible fresh independence vote after Britain voted to exit the bloc, First Minister Nicola Sturgeon said on 25 June.
“We are determined to act decisively in a way that builds unity across Scotland,” Sturgeon told reporters, adding that included preparing legislation to allow a vote on Scottish secession from the United Kingdom.
Scots rejected independence in a 2014 referendum by 55-45 per cent and at the time the vote was considered a decisive verdict for a generation.
However, since then Sturgeon’s ruling Scottish National Party (SNP) has strengthened its support in national elections. It now believes Thursday’s EU referendum outcome has changed the picture on independence.
While Britain as a whole voted to leave the EU, Scotland voted by 62 to 38 per cent to remain. The SNP argues that many Scots opted to remain part of the United Kingdom in 2014 because they believed that was the only way to guarantee EU membership.
“We will seek to enter into immediate discussions with the EU institutions and with other EU member states to explore all possible options to protect Scotland’s place in the EU,” said Sturgeon, speaking outside her official residence.
She reiterated that an independence vote could be offered.
“A second (Scottish) independence referendum is clearly an option that requires to be on the table, and it is very much on the table,” she said.
She added she would also establish a panel of experts to advise the Scottish government on legal, financial and diplomatic matters concerning EU membership.
Meanwhile, German Chancellor Angela Merkel has called for clear-headed negotiations with “close partner” Britain over its departure from the European Union, urging caution in the process.
Merkel issued the statement on 25 June, just hours after foreign ministers from the six founding members of the EU called for a quick exit from the 28-member bloc. “The negotiations must take place in a businesslike, good climate,” Merkel said after a meeting of her conservative party.
“Britain will remain a close partner, with which we are linked economically,” she said, adding that there was no hurry for the UK to invoke Article 50 of the Lisbon treaty – the first step it must take to set in motion the exit process.
In a case of repercussion, Egypt’s stock market reportedly plunged on 26 June in response to Britain’s decision to leave the European Union, underperforming other major Middle East markets as investors worried that global instability could further cut capital inflows into Egypt.
The Egyptian stock index was down 5.8 per cent in early afternoon. Falling stocks outnumbered gainers by 139 to four.
Initially at least, investors focused on the risk that the global market turmoil would make it even harder for Egypt to attract fund inflows. That would worsen the hard currency shortage which is plaguing local industry and possibly making more depreciation of the Egyptian pound inevitable.
Commercial International Bank, Egypt’s biggest bank and a favourite of foreign investors, sank 4.8 per cent and major real estate developer Talaat Mostafa lost 8.7 per cent.