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September 12, 2014

Banks say they'll move if Scotland leaves U.K.

  • Leading retailers also chimed in, raising alarms about possible higher prices for Scottish shoppers.
    • By SYLVIA HUI
    Associated Press

    GLASGOW, Scotland — Scotland's leading banks warned Thursday that they would move their headquarters to England if Scots vote to leave the United Kingdom, intensifying doubts about the territory's economic future and dealing a blow to the Scottish independence campaign just days ahead of a historic referendum.

    Although the banks say the contingency plans are legal procedures that would have a minimal effect on their operations and jobs in Scotland, the warnings renewed concerns about an independent Scotland's ability to retain businesses — particularly during the long months of financial uncertainty that would follow a vote to break the 307-year union with England.


     
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