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Woolnough: expect ‘redistribution of wealth’ in independent Scotland

Woolnough: expect ‘redistribution of wealth’ in independent Scotland

Richard Woolnough, manager of the M&G Optimal Income fund, expects politics north and south of the border to shift dramatically if Scotland votes for independence.

‘It has big political implications in terms of if there was an independent Scotland, then obviously one could see that would be quite a traditionally – if you look back through previous voting patterns – socially aware state, where fairness would be seen to be maybe about redistribution of wealth, as it has traditionally been more of a left-wing nation,’ argued Woolnough (pictured).

‘In the UK, if that area left then obviously the likelihood of there being more of a right-wing libertarian-type conservative regime persisting in England, Wales and Northern Ireland would increase.’

Woolnough added that independence would disrupt financial markets, with a particular impact on the banking sector.

‘As the market is not pricing it in, you would expect there to be an increase in risk premia and volatility,’ he said.

‘It depends what you end up with. It’s a very interesting debate and it’s obviously up to people living in Scotland to decide what they want to do.’

Woolnough concluded: ‘I am not sure how it all works out, but hopefully it will all be done amicably.’

The Citywire A-rated manager has returned 29.3% over the past three years through his £22.3 billion fund, a top-quartile performance in his Sterling Strategic Bond sector where the peer-group average is 23%.

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