Ten years ago today the people of Scotland went to the polls to decide on the future of their country in the Scottish independence referendum.
The historic event – which would have seen Scotland break free from the rest of the UK – took place on 18 September 2014 and saw more than two million people (55.3%) vote No and 1.6 million (44.7%) vote Yes.
Following the defeat, then first minister Alex Salmond stepped down and was replaced by Nicola Sturgeon.
Image: Alex Salmond and Nicola Sturgeon launching the White Paper in 2013 Pic: PA
Since then, Scotland has welcomed two further SNP first ministers, Humza Yousaf and now John Swinney, who each believe the nation would be better off independent.
Although indyref was touted as a “once in a generation opportunity to follow a different path”, dissatisfaction with the result has led to campaigners continually calling for a second vote.
The movement has not stopped over the past decade, with marches continuing to be held up and down the country in support of Scotland leaving the UK.
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Image: Scottish independence supporters during an All Under One Banner march in Glasgow in 2019 Pic: PA
Image: An All Under One Banner march in Glasgow in 2022 Pic: PA
The previous Conservative government steadfastly refused to consent to a second referendum.
It threw a spanner in the works for Ms Sturgeon, who had previously proposed plans to hold a second referendum – known as indyref2 – on 19 October 2023.
With the new Labour government gunning for a Holyrood election win in 2026, it does not look likely Westminster’s stance will change any time soon.
Image: A dejected Yes supporter in Edinburgh following the result of the referendum Pic: PA
Image: Unionists in Glasgow’s George Square following the referendum Pic: PA
‘2014 was a truly incredible year in Scotland’
MSP Keith Brown, the SNP’s deputy leader, said 2014 was a “truly incredible year” in Scotland.
He added: “In every community in the country, a lively and exciting discussion was taking place about Scotland’s future. The independence debate captured the imagination of the entire country.
“Since then, over the last 10 years, Scotland has been dragged out of the EU against our will, had the disaster of Boris Johnson and Liz Truss imposed on us and Scottish democracy repeatedly trampled over.
“This is what Scotland has had to grapple with following promises made in 2014 which have since been broken.
“The SNP is determined that the next 10 years look very different for Scotland, and independence is at the heart of our vision.
“As an independent country, we would have the powers to make lives, communities and public services better; the chance to rediscover our sense of optimism about what lies ahead.
“Scotland can’t afford more broken Westminster promises, and the SNP believe the time is right for a new national conversation about our shared future as an independent nation.”
Image: Illuminated signs near Dunblane ahead of the vote Pic: PA
‘Would indyref2 be successful?’
When asked whether a second referendum would be successful if held today, polling expert Sir John Curtice told Sky News: “The honest answer is we don’t know.”
Sir John said the opinion polls have not dramatically moved over the past decade, with, on balance, support currently holding on average at around 52% for No and 48% for Yes.
Sir John, a political scientist and professor of politics at the University of Strathclyde, said: “It’s not really been lower than that since about 2019.”
A YouGov poll published on Tuesday had No at 56% and Yes at 44%.
Of the 1,063 people aged 16 and over recently surveyed, more than half (51%) said the question of independence had received too much discussion in the last 10 years, while just one in six (18%) felt it should have been given more attention.
Image: Ms Sturgeon, then deputy first minister, and actor Alan Cumming outside the Yes Kelvin campaign hub in 2014 Pic: PA
Image: The No campaign had the backing of late Celtic legend and Lisbon Lion Bertie Auld Pic: PA
‘Indyref2 is basically off until at least 2028’
Alongside Westminster approval to be able to hold indyref2, Holyrood will also need a majority of MSPs in favour of independence.
Sir John noted: “Now, that’s the position at the moment. But, you know, a crucial question is whether or not there will still be a pro-independence majority after 2026.”
The professor said while Labour holds a majority UK government, indyref2 “is not going to happen” and is basically “off until at least 2028”.
Image: Prime Minister Sir Keir Starmer and First Minister John Swinney at Bute House in July Pic: PA
If Labour were to return a minority administration at the next general election, the SNP could find itself in a position to leverage a discussion on independence.
However, given how the party lost dozens of MPs in July’s election, falling to just nine, that scenario also looks uncertain at the moment.
Sir John added: “That’s the realpolitik of where we’re at.”
Image: Mr Salmond and Ms Sturgeon pictured in May 2013 while launching a paper on the economic case for independence Pic: PA
Image: Then first minister Mr Salmond on polling day Pic: PA
Although former first minister Mr Salmond has since launched the Alba Party, the SNP is the principal political face of the independence movement.
Opposition parties have used the SNP’s recent election defeat to claim Scots are uninterested in another referendum.
However, Sir John said polling data showed that while only 30% of people voted SNP at the general election, 48% supported independence.
He said: “The gap is that there is a minority, but a non-trivial minority, of people who say they would still vote Yes who were not voting for the SNP in July.”
Sir John said the SNP is in “mighty political bother” which “essentially” started with Ms Sturgeon’s resignation.
Sir John said while new first minister Mr Swinney is known to be a “very capable deputy”, it still remains to be seen whether he is able to do the job as Scotland’s leader.
Sir John said: “People are starting to take notice of the SNP’s record of government.”
Image: Then deputy first minister Ms Sturgeon and then finance secretary Mr Swinney with a steel ‘Yes’ sign ahead of the vote Pic: PA
‘The ongoing police probe and a bad time to be in government’
And then there’s the Police Scotland investigation into the SNP’s funding and finances.
Dubbed Operation Branchform, the long-running probe is linked to the spending of around £600,000 raised by supporters to be earmarked for Scottish independence campaigning. It is understood there have been complaints the ringfenced cash has been used improperly by being spent elsewhere.
Peter Murrell, Ms Sturgeon’s husband and former SNP chief executive, was charged by police earlier this year in connection with the embezzlement of party funds.
The investigation has also seen Ms Sturgeon arrested and released without charge, alongside ex-party treasurer MSP Colin Beattie. Ms Sturgeon continues to deny any wrongdoing.
Image: Police Scotland officers searched Ms Sturgeon and Mr Murrell’s home last year Pic: PA
Image: Police also searched the SNP headquarters in Edinburgh Pic: PA
Sir John said: “Operation Branchform hangs over them and, not least, makes it more difficult for them to raise money.”
The professor said he “wouldn’t want to put any money” on the outcome of the Holyrood election in 2026.
Sir John said: “We just do not know what’s going to happen. It’s a bad time to be in government.
“Looking forward, we now have a Labour government at Westminster which is having to try to deal with a fiscal crisis, a public services crisis and a faltering economy.
“How popular Labour will be by 2026, who knows.
“Some of the difficulties the SNP face and the Scottish government face are the same difficulties the Labour government faces.
“There will be a crucial game about who gets the blame insofar as people are still unhappy. That will depend partly on events and relative performance, but it will also depend on the effectiveness of the politicians.”
‘Constitutional question now intertwined with Brexit question’
Image: A supporter of the Yes for EU campaign group outside Holyrood in 2020 Pic: PA
Sir John said as well as public attitudes changing “significantly” since 2014, Brexit has also changed the substance of the independence debate.
He said: “There was no relationship between people’s attitudes towards the EU and whether they voted Yes or No.
“There was no relationship between how people voted in 2016 in the Brexit referendum and how they voted in 2014 in the independence referendum.”
However, the constitutional question has since become intertwined with the Brexit question north of the border.
Posing the question whether Scotland would be better inside the UK but outside the EU versus inside the EU but outside the UK, Sir John noted: “On balance at the moment, although we’ve not really had that debate, but on balance, people are more and more inclined to say we’re better inside the EU and outside the UK.”
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Some people spoke of lasting family and friendship fallouts caused by the controversial vote, while many of the Yes supporters voiced their continued hunger for indyref2.
Whether Yes or No, the majority of those interviewed hoped to see the Scottish government tackle more day-to-day issues – like the cost of living crisis, the NHS, and the nation’s perpetually high drug-related deaths.
Now 10 years on from the referendum, we visited the No region of Clackmannanshire to hear what those in the “Wee County” had to say.
‘Sturgeon and Salmond need to bury the hatchet’
Image: Margo Aitken
Margo Aitken, 76, voted Yes in 2014 and would do so again.
She said the “spark” hasn’t gone, adding: “It’s always there. And I wish I was fit to be able to go on marches.”
The pensioner believes both the Conservatives and new Labour government have “no interest in Scotland whatsoever”.
The SNP voter said the party needs to get its “act together” and stamp out any differing factions within it.
She also called for the SNP to join forces with other pro-independence groups.
Speaking about the fallout between Ms Sturgeon and Mr Salmond, she said: “There’s obviously been strong feelings at some point.
“Why can they not just be adult, get their act together and bury the hatchet – because if they did, they would be a power to be reckoned with.”
‘The country is a nightmare’
Image: Jackie Conroy
Jackie Conroy, 61, voted No in 2014 and would do so again.
She said: “The cost of living crisis is the worst problem at the moment – that’s what the government should be tackling.
“The country is just a nightmare. Instead of independence, the focus should be on everything else – especially the NHS.
Rita Anderson, 67, voted Yes in 2014 but is not sure she would again.
She said: “Everything has changed since then. Everyone’s focus should be on the cost of living crisis. It’s been torture.
“I worked all my days, so I’d like to see a big improvement for the pensioners for a start. I get the state pension, but it’s not enough.
“By the time you pay your gas, rent and food, you’re not left with a lot of money. And now the government is cutting the [universal winter fuel payment].
“Although there’s an argument that everything would be better if Scotland was independent, it’s hard to trust that and take a risk given the state of our country right now.”
Image: Former chancellor and leader of the Better Together campaign Alistair Darling with his wife Maggie, left, in Edinburgh on polling day Pic: PA
‘A stronger Scotland within a renewed UK’
The Scottish Conservatives continue to fight for the Union.
MSP Meghan Gallacher, the party’s shadow cabinet secretary for constitution, external affairs and culture, said: “Scotland is best served when both of our governments work together to boost our economy and invest in our communities.
“Given the routing the SNP received up and down Scotland at the general election, the SNP should drop their independence push and focus on what really matters to people in their daily lives, such as reducing NHS waiting times, restoring standards in our schools and keeping our communities safe.”
Image: Former MP Jim Murphy in Edinburgh during his 100 Streets in 100 Days Better Together tour Pic: PA
Image: In 2014, then Scottish Labour leader Johann Lamont took the No campaign to Ms Sturgeon’s Glasgow Southside constituency Pic :PA
Meanwhile, Scottish Labour believes the nation’s best days “lie ahead of us”.
MSP Neil Bibby, the party’s constitution spokesperson, said: “Whether you voted Yes or No in 2014, we can come together to change our country for the better.
“In the general election we started the process of delivering change for Scotland by booting out one failing government, and in 2026 we will have an opportunity to do the same again.
“Labour has reset the relationship between Scotland’s two governments and will deliver a stronger Scotland within a renewed UK.”
Rachel Reeves will seek to gauge the unfolding impact of President Donald Trump’s tariffs blitz on Wednesday when she holds talks with some of the City’s top executives.
Sky News has learnt the chancellor will hold talks with bosses from companies including Hargreaves Lansdown, Legal & General, Lloyds Banking Group and M&G amid ongoing volatility in global financial markets.
Insiders said the talks had been convened to help frame the Treasury’s financial services growth and competitiveness strategy.
However, they acknowledged that the fallout from US tariffs, while not directly affecting most City employers, would feature prominently on Wednesday’s agenda.
“The chancellor will use this meeting to show leadership, building on her statement to the House earlier today, and reiterating that the government will act decisively to take the right decisions in our national interest and protect working people,” a Treasury insider said.
Ms Reeves would stress a commitment to working with international partners to reduce barriers to trade, while pursuing the best possible bilateral deal with the US, they added.
Charlie Nunn, the Lloyds boss; Antonio Simoes of L&G; and Dan Olley, Hargreaves Lansdown’s chief, will all attend the talks.
It will be the latest in a string of meetings the chancellor has held in recent weeks in a bid to boost economic growth.
Her budget last October sparked a furious backlash from the business community, while last month’s spring statement raised fresh fears about the possibility of further tax rises later this year.
None of the companies invited to Wednesday’s meeting would comment when approached by Sky News.
Despite the ongoing market meltdown on US trade tariffs, executives at major cryptocurrency firms Messari and Sygnum are bullish on institutional Bitcoin adoption later in 2025.
Speaking on a panel at Paris Blockchain Week on April 8, Messari CEO Eric Turner and Sygnum Bank co-founder Thomas Eichenberger said they expect a significant shift in the banking sector’s involvement with crypto in the second half of the year.
According to the executives, the global banking push into Bitcoin (BTC) services has great potential to happen in the second half of 2025 as regulators embrace crypto, including stablecoins and crypto services by banks.
“I think we’re probably looking at a muted Q2, but I’m really excited for Q3 and Q4,” Messari’s Turner said during the panel discussion moderated by Cointelegraph CEO Yana Prikhodchenko, forecasting “really interesting” things coming to the crypto market in 2025.
“When you look at the potential of having market structure regulation in the US, stablecoin regulation, and just the fact that across the board, not just President Trump himself, but the SEC and all these regulatory industries are really embracing crypto,” Turner said.
Paris Blockchain Week’s panel with Cointelegraph CEO Yana Prikhodchenko, Bancor co-founder Eyal Hertzog, Sygnum co-founder Thomas Eichenberger, Messari CEO Eric Turner, AWS fintech leader Alex Matsuo and Near chief operating officer Chris Donovan. Source: Cointelegraph
Sygnum co-founder Thomas Eichenberger said international banks with US branches are also poised to enter the market once the legal landscape becomes clearer:
“I think it’s a matter of fact that US banks are preparing to be able to offer crypto custody and at least crypto spot trading services anytime soon.”
“I think by then I would agree with you, Eric,” he continued, projecting a continued phase of market uncertainty until the US establishes a clear regulatory framework.
With the establishment of clear crypto rules for banks in the US, there will be a rush for crypto services by large international banks that are incorporated outside of the US but have a US-based presence, Eichenberger said.
“Some of them may have had their strategic plans in their cupboard to offer crypto-related services, but have been afraid that at some point they will be gone after by any of the US regulatory authorities,” he said, adding:
“Now I think there’s no one to be afraid of anymore in terms of regulatory authorities worldwide. So I think many of the large international banks will launch this year.”
Global trade tensions triggered by US President Donald Trump’s sweeping tariff measures may come to an end with a potential deal with China as investors remain concerned about escalation from both sides.
Trump’s April 2 announcement of reciprocal import tariffs sent shockwaves through global equity and crypto markets. The measures include a 10% baseline tariff on all imported goods, effective April 5, with higher levies — such as a 34% tariff on Chinese imports — set to begin on April 9.
However, the tariff negotiations may only be “posturing” for the US to reach an agreement with China, according to Raoul Pal, founder and CEO of Global Macro Investor.
“In the end, almost all the other tariff negotiations and rhetoric are all about getting China to agree a deal,” Pal wrote in an April 8 X post, adding:
“That is the big prize and both China and the US understand it and need it. Everything else is negotiation posturing. China needs a weaker $ and the US needs tariffs.”
In response to US tariffs, China imposed a 34% tariff on all US imports effective April 10, media outlet Xinhua News reported on April 4. China’s foreign ministry also vowed to “fight till the end” against Trump’s tariffs, which it called “bullying” by the world’s largest economy.
China overtakes the US in global trade. Source: Econovis
China overtook the US in 2012 to become the world’s largest trading nation by the total value of exports and imports, surpassing $4 trillion in goods trade that year, according to The Guardian.
Crypto markets watch trade outcome closely
As the trade dispute continues to evolve, analysts say a potential agreement between the two global superpowers could serve as a key catalyst for recovery in digital asset markets.
Crypto markets have a 70% chance to bottom by June 2025 before recovering, Nansen analysts predicted.
Investor appetite for risk assets such as Bitcoin will depend on the global tariff responses from other countries, according to Nicolai Sondergaard, a research analyst at Nansen.
“We have reached somewhat of a local bottom in regard to tariffs and the impact on prices,” the analyst said during Cointelegraph’s Chainreaction live show on X, adding:
“Trump came out guns blazing, and we’ve mostly seen the worst from the US side, so we’ll see if other countries are willing to drop some of the tariffs because it’s very likely the US will do the same.”