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April 12, 2021

RBS, Lloyds to move to London if Scotland votes Yes

Two of the United Kingdom’s biggest banks – the Royal Bank of Scotland (RBS) and Lloyds – have said they will consider shifting their headquarters from Edinburgh to London if Scotland votes for independence, irishtimes.com.
Insurer Standard Life said yesterday that it had registered companies in London which it could use to shift some of its operations south if there is uncertainty in the aftermath of a Yes vote.
Nerves in the No camp settled somewhat in the wake of an opinion poll that showed it still held a six percentage points lead, excluding undecided voters. Scottish first minister Alex Salmond claimed the RBS action had been “misreported” this morning by the BBC and that RBS’s move would have no impact on jobs. RBS is already registered in London, but employs 11,500 people in Scotland – including thousands at its giant Gogarburn headquarters outside Edinburgh. However, the bank – which was bailed out to the tune of billions by the British taxpayer and is still majority-owned by the treasury – insists that it will keep significant numbers of jobs in Scotland. Business leaders are furious with prime minister David Cameron and other senior government figures for the campaign that has been fought to save the 300-year-old Union.

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