RBS and Lloyds to Relocate if Scots Vote for Independence
486 views · Published 11 September 2014 · 0:54 · Indexed 10 November 2026
Channel: IBTimes UK · 2014 · News & Politics
The Royal Bank of Scotland and Lloyds Banking Group have announced that they will relocate part of their Scottish business and headquarters to England if Scotland votes for independence in one week's time. The two banks, which are partly owned by the state, revealed in separate statements that contingency plans involve moving some of their financial dealings to England in the event that Scotland votes for independence. Both banks have warned of the uncertainty presented by the pro-independence campaign and have announced in financial statements that their concerns have led to them coming up with back up plans. Ahead of the independence referendum on 18 September, 2014, the gap between the 'Yes' and 'No' campaign has tightened, with latest polls showing the 'No' campaign holds a narrow lead. The Scottish banking industry accounts for 13% of all banking employment in the UK and generates between £7bn (€8.8bn, $11bn) and £9bn for the economy.
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