Banks and energy firms fear for independent Scotland’s stability
FINANCE and energy firms make up a major part of the Scots economy but will be among the hardest hit by independence, business secretary Vince Cable warned yesterday.
The minister said bank RBS would “inevitably” move its headquarters to London if union was ended.
“If you were managing RBS, you almost certainly want to be in domiciled where the bank is protected against the risk of collapse,” Cable said.
“RBS already has a substantial amount of management in London, and I would have thought that inevitably they would become a London bank.”
Jupiter fund manager James Clunie said energy companies were already “tapping on the breaks” on spending ahead of the independence vote.
“Many people are undecided and the argument that the people of Scotland are as wealthy as those elsewhere in the UK is very convincing,” said Clunie, who added that he expects the vote to narrowly reject independence.