The Bank of England is bracing for volatility to hit the pound.
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Political danger is looming for Britain, threatening to dim the allure of the fastest-growing Group of Seven economy. An election in less than 10 months could clear the way for Britain to leave the European Union, its biggest trading partner, if David Cameron remains prime minister. In September, Scotland votes in an independence referendum that threatens to rend the U.K. asunder. If the Conservatives win a majority – the party has governed in a coalition with the pro-EU Liberal Democrats since 2010 – Cameron has vowed to negotiate more favorable terms for Britain in the 28-nation bloc and put the results to voters in an in-or-out referendum by late 2017 .Similarly, doubts are growing over the future of Scotland, where nationalists seeking to break away from the U.K. are gaining ground less than two months before the Sept. 18 referendum.The quarterly Deloitte survey of 112 chief financial officers rated the election the riskiest event at 55 out of 100, followed by a possible EU referendum at 50 .A July 15-16 YouGov PLC poll had Labor leading the Conservatives by 36 percent to 33 percent, enough to give the party a majority of about 30 seats in the 650-member House of Commons, based on standard calculations.A Survation poll carried out last month showed Britons wanting to exit an unreformed EU outnumbered those in favor of staying in by 47 percent to 39 percent.
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