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The UK’s currency held its losses after Scotland’s parliament backed a second independence referendum, further muddying the outlook for Britain as it prepares to start negotiating its own divorce from the EU.

Sterling was off 0.5 per cent to $1.2492 — the lowest point of the day. The euro also traded at session lows, recently falling 0.2 per cent to $1.08.

Theresa May, the UK prime minister, is expected to trigger Brexit on Wednesday, which kicks off a prolonged process of splitting from the EU.

If Scotland’s first minister, Nicola Sturgeon, is successful in calling for an independence referendum, it could add further doubt to the UK’s economic outlook.

Copyright The Financial Times Limited 2018. All rights reserved.

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