Scotland has said "no" to independence: The UK remains intact. But the spectre of UK political risk is here to stay.

Voters decisively rejected the offer of an independent Scotland, with 55% voting "no". That is a wider margin than had been predicted by polls that had spooked markets. Sterling, the main vehicle for speculation about the outcome, rose above $1.65 Friday before fading a little, still taking back most of its pre-referendum wobble. UK markets can now get back to focusing on the economy, and in particular the prospects for rate hikes by the Bank of England.