Another Black Wednesday? Manager warns sterling could fall 10% on 'yes' vote

clock

The pound could dive a further 10% in as little as a week if a 'yes' vote on Scotland is approved, witnessing a sell-off reminiscent of sterling's fall on Black Wednesday more than 20 years ago, a manager has warned.

Sterling has already tumbled sharply on fears over a split with Scotland which is decided this Thursday, but Miton's George Godber has warned it could fall much further if the vote for independence wins. Speaking this morning, almost 22 years to the day since Black Wednesday when the pound tumbled after being forced out of the European Exchange Rate Mechanism, Godber said sterling could tumble to a multi-year low against the dollar very rapidly. "Sterling has already been very weak in the run-up to the Scotland vote - we've seen it fall from $1.72 to $1.62," he told BBC Radio 4. "I...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Understanding the investment appeal of the energy addition

Understanding the investment appeal of the energy addition

Positive change takes time

Tim Humphreys
clock 11 March 2026 • 4 min read
Chaos is not a ladder: Navigating human behaviour at times of market stress

Chaos is not a ladder: Navigating human behaviour at times of market stress

'It is important to maintain perspective'

Sacha Chorley
clock 09 March 2026 • 4 min read
Four reasons why direct engagement can still make a difference

Four reasons why direct engagement can still make a difference

'Quantitative data arguably tells only half the story'

Simon Wood
clock 05 March 2026 • 4 min read