Edinburgh is an important financial center. Now emergency plans of the largest banks RBS and Lloyds are known. You want to move to London when Scotland is independent. For the separatists is the “scaremongering”.
- Scotland’s largest banks Lloyds and Royal Bank fo Scotland (RBS) will relocate its headquarters to London, if the Scots vote for independence.
- The separatists accuse the government to want to do with this threat mood against the referendum.
- The financial industry employs in Scotland tens of thousands of people.
plans to move from Edinburgh to London
Should Scotland become independent, the country could lose its two main businesses. The two banks Lloyds and RBS have agreed to move their legal residence from Edinburgh, Scotland to London, if the Scots vote for next Thursday, to withdraw from the United Kingdom. Both banks have created contingency plans to carry out the legislative amendments after the referendum and so to remain British company. Both made even pressure on the Parliament in London, to facilitate the installation of a law, reported the broadcaster Sky. You are already strongly present in London, but registered in Scotland.
RBS announced that Scottish independence would force them to move with the holding company of the Bank and the main daughter. How RBS Lloyds also stressed that it was only “a legal procedure, from which found no immediate changes for customers.”
referendum on independence Scotland, do not leave us!
financial industry is important for Scotland
What consequences would have a Yes to independence for Scotland’s financial services industry, is hotly debated in the last few days before the vote. The two banks are among the four largest UK, according to their power, they are the biggest company in Scotland. They are also involved with the government of the United Kingdom since the banking crisis of 2009., The state had to rescue both banks, he owns 80 percent of RBS and 24.9 percent at the Lloyds
In Scotland, 100,000 people work for banks , insurance companies and funds, the share of employees is 13 per cent of all employees in the British banking industry. Lloyds currently employs 16,000 people in Scotland, RBS 11,500. The financial sector is responsible for more than eight per cent of Scotland’s economic performance, Edinburgh is most important to London’s financial center of Britain.
The referendum unsettled many investors, especially since clear how close the vote really is. From UK equity fund investors, according to Bloomberg 1.5 billion euros brought back.
Scotland’s First Minister appeases
disputed between supporters and opponents of independence is the extent to which the removals of Scotland would hurt economy . The separatists declared the announcement a political move. A relocation to London will have “no impact” on businesses and jobs both banks in Scotland, Alex Salmond said in a press conference. He is head of the Scottish National Party, First Minister of the country and part of one of the leading figures of the independence movement. He knew from the bank, that it was a mere formality. The reports about a move he called “nonsense” and “scaremongering”. From the Treasury in London it was said, however, the considerations of Lloyds, for a “Yes” to move, were “understandable”. The government was in contact with Lloyds because of the plans.
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The question of the registered office is also crucial in the debate on the future currency of an independent Scotland. Only if Scotland reserves the pound, its banks could rely on in a crisis, the Bank of England, the Bank of England. Separatists as Salmond want to threaten the pound too, but supporters of the unit in London, they would not share their currency with the new state. Mark Carney, governor of the Bank of England had declared on Wednesday, Scotland need “large stocks” to pound, to stay in the monetary union. A separate central bank would have the bulkheads according to his estimates, at least the equivalent of 25 per cent of Scottish GDP reproach.
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