Scotch Industry Celebrates Stability As Voters Say “No” To IndependenceSeptember 19, 2014
The Scotch whisky industry is breathing a collective sigh of relief today, following Scottish voters’ decision to remain part of the U.K. While some of Scotch’s biggest players declined to take a position on the referendum that, if passed, would have given Scotland its independence after more than 300 years as part of the U.K., the industry was clearly wary of the instability that would have accompanied a “Yes” vote.
Scotch exports have risen by around 25% over the past decade, in part because of the free trade agreements the category is granted due to the U.K.’s membership in the European Union. While pro-independence leaders pledged that Scotland would gain entry into the E.U. if it became independent, that outcome was far from certain. There was also much uncertainty regarding currency and taxation issues.
Reacting to the referendum vote, Scotch Whisky Association chief executive David Frost said, “We welcome the stability that this choice brings and now urge politicians of all parties to work to bring our country together.”
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