Artemis' sterling bear Littlewood: Don't expect big drop if Scots vote 'yes'

Artemis' William Littlewood does not expect the pound to suffer a sustained fall in the event of a ‘yes' vote in today's Scottish referendum, despite betting against the currency in his Strategic Assets fund.

The manager of the £962m fund acknowledged there would be some negative economic impact in the short-run if Scotland votes to secede from the Union. But he suggested predictions of a major fall in sterling are wide of the mark. “It is hard to envisage sterling falling by double digits and staying down,” Littlewood (pictured) said. An independent Scotland would mean a wider current account deficit for the remainder of the UK, typically associated with a weaker currency. But the manager said falling North Sea oil & gas reserves, which would accelerate if Scotland broke away and hence...