Ottawa's Scottish and Irish Store owner 'nervous' as Brexit referendum nears

As Britons get ready to voteThursday in a referendum on whether the U.K. should remain part of theEuropean Union, some businesspeoplein Ottawa are watching with particular interest.

The city's two Scottish and Irish Store locationsare among the most visible examples of trade between Britainand Canada. The shops are Ottawa's go-to destinations fortweed jackets, tartan ties and food items ranging from haggis to Marmite, a love-it-or-hate-it yeast spread.

The economic implications of the referendum are huge, and depending on the outcomethe British pound could rise of fall. Either way, it would spell some change for Scottish and Irish Store owner Michael Cox.

"Nervous anticipation, I would say. Exactly what will happen? Obviously we will still be able to import goods. It's just, will it cost more or less? That's it," Cox said.

Hard to predict

If, as many expect, the value of the pound drops with a vote to leave,Cox would payless to import British goods. And if the vote goes the other way and the pound gains value, he'll paymore.

But of course not everything is that simple.

One of theBritish condiments Coxsells, HP Sauce, is actually made in Holland. What wouldhappen to the price of the sauce if Britain leaves the EU, he wonders?

"Will duties start popping up that were not there before? ... The amount of duties we pay on imported items from Britain and Ireland, they're quite high," he said.

"Global economies are very complicated, as most experts will tell you. And I'm not an expert but that's what everybody says: there's no black and white, it's very grey because there are so many intricate parts that go together."