Scottish referendum: pound could fall by another 15pc, so should I buy holiday money now?

But in the event of victory for Alex Salmond’s SNP, some currency experts say sterling could fall far more severely – by up to 15pc or possibly even more. This would mean that anyone who takes an overseas holiday would have to pay much more for their foreign currency and on any spending when abroad.

The pound has lost about 6pc of its value against the dollar since the summer, falling from recent highs of $1.72 to $1.61 to the pound. Not all of this fall is likely to be attributable to the uncertainty about Scotland, but sterling is still expected to bounce in the event of a rejection of independence next week. This would mean anyone who buys foreign currency now would have got a better deal by waiting until after the vote.

“Sterling could fall by at least 15pc in a worst-case scenario. These are scary times,” said Jordan Rochester, a foreign exchange strategist at Japan’s biggest bank, Nomura. “We could see a lot of money being pulled out of UK investments.”

An analyst at another bank said the fall in the value of the pound could be even more severe.

Simon Derrick, from Bank of New York Mellon, said: “Sterling has been the darling of the foreign exchange markets because people thought the Bank of England would be the first to raise rates. The risk of Scottish independence has caught them off guard.”

Mr Derrick said a 15pc plunge in sterling was “quite conservative” given the dangers of a messy divorce. “We think the high $1.40s against the dollar is entirely feasible. People always underestimate how far sterling can fall when the tide turns,” he said.

- Put a question to the experts: moneyexpert@telegraph.co.uk

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