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Banks Threaten to Leave Scotland if People Vote for Independence

Some of the biggest banks in Scotland are threatening to leave if the people vote for independence from Britain. In a move designed to pressure the people of Scotland to stay within the UK, the Royal Bank of Scotland and Lloyds Banking Group have said they will relocate if Scotland votes for independence in an upcoming referendum. The banks have said thousands of jobs will be lost and that it will be more difficult for people in Scotland to get a mortgage.

The threat is laid out in “contingency plans” that will be read about as Scottish people prepare to decide whether they want to break off from the UK and become an independent sovereign country or remain within the union. Polling for the upcoming election has been too close to call.

The financial implications of a yes vote for Scottish independence came under intense scrutiny as home owners were warned it would be harder get a mortgage and Royal Bank of Scotland and Lloyds Banking Group made plans to move to London if the electorate backed a breakaway from the UK…

The bosses of two major companies – BP and Standard Life – had also voiced their concerns about the impact of a yes vote even before details emerged of the plans being made by the two bailed-out banks to move their crucial legal status if the referendum on 18 September backed Alex Salmond’s independence campaign.

Is the worry that an independent Scotland might not bail out the banks? Or is it part of a pressure tactic organized by the City of London to maintain control? Maybe a bit of both.

While the move is likely to influence some voters, it is an open question as to whether the possibility of losing the banks is enough to sway the vote in favor of the side opposing independence. Scotland votes September 18th.

CommunityThe Bullpen

Banks Threaten To Leave Scotland If People Vote For Independence

Some of the biggest banks in Scotland are threatening to leave if the people there vote for independence from Britain. In a move designed to pressure the people of Scotland to stay within the UK, the Royal Bank of Scotland and Lloyds Banking Group have said they will relocate if Scotland votes for independence in an upcoming referendum. The banks have said thousands of jobs will be lost and that it will be more difficult for people in Scotland to get a mortgage.

The threat is laid out in “contingency plans” that will be read about as Scottish people prepare to decide whether they want to break off from the UK and become an independent sovereign country or remain within the union. Polling for the upcoming election has been too close to call.

The financial implications of a yes vote for Scottish independence came under intense scrutiny as home owners were warned it would be harder get a mortgage and Royal Bank of Scotland and Lloyds Banking Group made plans to move to London if the electorate backed a breakaway from the UK…

The bosses of two major companies – BP and Standard Life – had also voiced their concerns about the impact of a yes vote even before details emerged of the plans being made by the two bailed-out banks to move their crucial legal status if the referendum on 18 September backed Alex Salmond’s independence campaign.

Is the worry that an independent Scotland might not bail out the banks? Or is it part of a pressure tactic organized by the City of London to maintain control? Maybe a bit of both.

While the move is likely to influence some voters, it is an open question as to whether the possibility of losing the banks is enough to sway the vote in favor of the side opposing independence. Scotland votes September 18th.

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Dan Wright

Dan Wright

Daniel Wright is a longtime blogger and currently writes for Shadowproof. He lives in New Jersey, by choice.