A long-time risk of simply the possibility of a Yes vote for Scottish independence, let alone the actuality, is that investment would dry up in Scotland, and perhaps in the rest of the UK; deposits and wholesale funding for Scottish banks and other non bank financials would also get re-routed, most likely to the South, but perhaps out of the country altogether. This conraction in funding liquidity would cause lending to fall, certainly in Scotland, but possibly in the South too, and that would compound the confidence-induced fall in demand. As polls narrowed, different versions of this story have popped up in financial research notes, and economic commentary. And the tremors of a confidence shock have started to be felt. A fall in Sterling and the market capitalisation of firms exposed to Scotland, commercial property deals falling through or being made contingent on a No vote, and so on.