What if the unthinkable does happen and it's BREXIT

A week today we will know. Will we stay or will we go? The unthinkable is now a real possibility and this note, which assumes a Leave vote, simply as that is the more complex capital markets result, looks at the immediate aftermath, the politics of it from a UK and EU perspective, the likely negotiating positions and battle lines, the implications for Scotland and the EU and perhaps our core assumption - the Machiavellian view, which we outline in the note. Our bottom line is it may well be volatile but if there is a liquidity driven sell off wait for the coordinated monetary response and buy.. Please contact us for a copy of the note