By-elections and referendum weigh heavily on British economy


POLITICAL turbulence has become a shadow over the British economy only some 200 days ahead of the May 2015 general election.

The pound and the UK stock market have slid almost 10 per cent since their summer peaks and declines accelerated because of two key political events. First, a stunning performance of the United Kingdom Independence Party (UKIP) in two by-elections implies a four-party race in coming months.

Second, the Scottish Independence Referendum which only had 55 per cent of the local electorate voting for union, has brought in its wake constitutional rows about devolution for England. So much so that Alex Salmond, First Minister of Scotland, has warned that if Westminster reneges...

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