Corporates Warn of ‘Yes’ Vote Ramifications
UK government owned banks, RBS and Lloyds Banking Group, both confirm they will relocate to England if Scots vote for independence.
RBS employees 11,500 staff in Scotland confirms that it would need to re-domicile the bank’s holding company to avoid uncertainties that would impact its ability to borrow. Increased customer, staff and shareholder concerns have led to the release of their contingency plans ahead of the vote.
Similarly, Lloyds would set up “new principle legal entities in England” amid significant risks to their business affecting funding, tax and compliance costs if a ‘yes’ vote wins.
These announcements follow a stream of corporates backing a ‘no thank you’ vote including Standard Life, BP and John Lewis who all highlight concerns if Scotland breaks up the 307-year union with the rest of the UK.