Wednesday, September 17, 2014

Scotland's Two Largest Banks warn they'll move Legal Headquarters to England if the 'Yes' Votes Win

Scotland's two biggest banks are joining a growing chorus of businesses warning about the impact of the breakup of the U.K.'s more than 300 year-old union.
Lloyds Banking Group PLC said Wednesday it would move the bank's legal headquarters to London from Edinburgh in the event of a "Yes" vote for Scottish independence on Sept. 18.
Royal Bank of Scotland Group PLC made a similar announcement Thursday, saying it would register its legal headquarters in England if Scotland votes for independence.
The twin announcements from the two partially state-owned banks come as the U.K. government's "No" campaign kicks into over drive in the lead up to next weeks vote.
Lloyds, which is 25% owned by the U.K. government, said in a statement it had seen an increased level of enquiries from customers about the bank's plans after the vote. "While the scale of potential change is currently unclear, we have contingency plans in place which include the establishment of new principal legal entities in England," the bank said.
RBS, which is 80% owned by the U.K. government, said, "There are a number of material uncertainties arising from the Scottish referendum vote which could have a bearing on the bank's credit ratings, and the fiscal, monetary, legal and regulatory landscape to which it is subject."
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1 comment:

RomneyMan said...

Scaremongering

You have to laugh, the establishment are scared senseless. When they agreed to a referendum on independence (about 2 years ago), Cameron flatly refused to put 'Devo Max' (more powers for Scotland, without independence) on the ballot paper, as the establishment thought there was no chance the Scots would vote YES, and polling at the time had around 18% wanting independence.
Now they are crawling, offering this that and everything, clinging on like goldfish out of a bowl as the polls closed to around 50-50.
Personally, I think the NO vote will still win (the last polls are giving NO a 2-3 point lead, but within the margin of error). But if YES won, it would be an earthquake to the establishment, and Labour would stand to lose ~ 50MPs, as Scotland is one of their heartlands, making it much, much harder for them to get elected in Westminster for a generation. Just think- all the last 1/4 of a century of establishment social Marxism may be rocketed overnight.
I tell you, the establishment are cr**ping themselves big time.
NO will probably win, but what an earthquake if they don't.