Scottish Independence

[geared]

Scotland got permission from the government in Westminster, I think it was given the go ahead shortly after the current lot got in.

 

I'm not sure Northern Ireland want to be independent, I've not heard any rumblings about it - I think they're quite happy with the current situation.

[L00b]

I'm not sure Northern Ireland want to be independent, I've not heard any rumblings about it - I think they're quite happy with the current situation.

Last I heard, most in the Republic to the south still don't want them. But Sinn Feinn says different. Unsurprisingly, I might add.

[geared]

I don't think most of the people in the North want to join the South either to be honest, if anything they'd go it alone rather than join the South.

 

Especially in the last couple of years when Ireland's economy just went down the toilet - who'd want to join in with that mess????

[Guest]

 

I'm not sure Northern Ireland want to be independent, I've not heard any rumblings about it - I think they're quite happy with the current situation.

 

When you say independent do you mean from both Britain and the rest of Ireland? that idea would be a new one on me.

[truman]

Back to the finance bit..if someone in England has an account in a Scottish bank would they still be covered by the Deposit Protection Guarantee" should Scotland vote for independence? If not I can see a lot of cash heading South...

[L00b]

Back to the finance bit..if someone in England has an account in a Scottish bank would they still be covered by the Deposit Protection Guarantee" should Scotland vote for independence?

In case the ayes have it, then from 2016 when Scotland becomes fully independent, logically no. Why should the UK Gvt insure against the defaulting of banks based in a foreign country?

 

But many banks and insurance companies (Standard Life in today's news) have already gone on record saying they'll head south in case of a yes vote, so maybe nothing to worry about.

 

In other news, perhaps not unrelated, Juncker has chosen our very own Lord Hill as EU high commissioner for financial services. For the next 5 years. Colour me

 

That's a (surprisingly-) nice peace offer (to Cameron) from Juncker. And will come in handy, should Scotland vote to go it alone, and have in mind to try and do a Celtic Tiger-bis on the back of financial services

Edited September 10, 2014 by L00b

[BEDROCK]

Who is up for a Braveheart re-enactment if Scotland votes YES ???

[biotechpete]

Back to the finance bit..if someone in England has an account in a Scottish bank would they still be covered by the Deposit Protection Guarantee" should Scotland vote for independence? If not I can see a lot of cash heading South...

 

I was reading a piece today saying that the Scottish domiciled banks have taken a sharp fall in share price compared to HSBC and Barclays. People are already withdrawing money from them. It also said the liabilities of the banks were some 12 times Scottish GDP! This situation is worse even than Iceland before the crash. There is just no way an independent Scotland could afford to guarantee the deposits in those banks. With no guarantee of EU membership those deposits would be without any government backing.

 

It is likely in the interim after a yes vote the BofE will guarantee those deposits. But without a currency union, the deposits in those banks will be Scottish pounds and be worth a lot less than English pounds as the Scottish economy dips into a deep recession due to investors taking flight. The likely result is that people will shift money out of Scottish domiciled banks so forcing those banks (lloyds, TSB and RBS) to move south, a further blow to the already devastated Scottish economy. It's all going to be really rather exciting to watch. Just hope we don't get too many starving refugees coming over the border.

[Guest]

I was reading a piece today saying that the Scottish domiciled banks have taken a sharp fall in share price compared to HSBC and Barclays. People are already withdrawing money from them. It also said the liabilities of the banks were some 12 times Scottish GDP! This situation is worse even than Iceland before the crash. There is just no way an independent Scotland could afford to guarantee the deposits in those banks. With no guarantee of EU membership those deposits would be without any government backing.

 

It is likely in the interim after a yes vote the BofE will guarantee those deposits. But without a currency union, the deposits in those banks will be Scottish pounds and be worth a lot less than English pounds as the Scottish economy dips into a deep recession due to investors taking flight. The likely result is that people will shift money out of Scottish domiciled banks so forcing those banks (lloyds, TSB and RBS) to move south, a further blow to the already devastated Scottish economy. It's all going to be really rather exciting to watch. Just hope we don't get too many starving refugees coming over the border.

 

As much as I'd rather Scotland remain in the UK, Scotland should be democratically entitled to be an independent nation if that's what the Scottish people want; banksters and financial spivs taking their money out of Scotland would be a rubbish reason to put the kibosh on it.

[geared]

Isn't the RBS group something like 80% owned by the british tax payer anyway.

 

So in the event of a Yes move it's either flog the bank off or move it down south??