U.K. ETFs Could See Volatility on Scotland Referendum | ETF Trends

The United Kingdom has been a solid, stable force in the global economy, but a Scottish referendum for independence could throw Great Britain into turmoil.

Scotland, a part of the United Kingdom occupying the northern third of the island of Great Britain and second largest trading market in the U.K., is set to vote September 18 on whether to stay in the U.K. or push for an independent state, reports William James for Reuters.

In a recent opinion poll, around 42% of Scots plan to vote against independence and 29% are in favor, and the separatists are gaining momentum.

Oil producer BP (NYSE: BP) CEO Bob Dudley has already warned that there are “big uncertainties” over the possibility of Scotland becoming independent, BBC reports.

If Scotland were to declare its independence, the British government has already stated that it means leaving the United Kingdom’s monetary union, or British sterling pound. However, Scotland may adopt the euro currency, which would make it easier for the newly formed state to trade with the rest of Europe.