Readers letters: Independence will benefit Scottish banking

"RBS chief executive, Alison Rose, is already based in London, so the Edinburgh HQ is largely symbolic”

By The Newsroom
Tuesday, 18th May 2021, 7:00 am
Could the loss of RBS herald a bold new era for Scotland? (Picture: Getty)
Could the loss of RBS herald a bold new era for Scotland? (Picture: Getty)

Independence will benefit Scots banks

As the debate over Scottish independence intensifies after the election, we can expect further scaremongering and warnings of doom and gloom.

Even in the run up to the election the Royal Bank of Scotland (RBS) stated yet again that it would move its registered headquarters from Edinburgh to London in the event of independence.

Sign up to our daily newsletter

It should, however, be noted that RBS chief executive, Alison Rose is already based in London, so the Edinburgh HQ is largely symbolic.

Any move south by RBS would reverse a trend of finance firms quitting London. Last month a report from the New Financial think tank showed that the City of London has been worse affected than predicted by a Brexit that makes no provision for financial services.

Over 440 financial services firms have relocated part of their business, staff or legal entities to the European Union, and more than £900 billion of bank assets — about 10 per cent of the entire UK banking system — are being moved.

This, of course, affects Scotland too and were it independent with access to the European single market, it could clearly benefit

Dublin, a city with less depth of financial acumen than Edinburgh, is doing exactly this. New Financial identifies 135 firms that have chosen the Irish capital as their post-Brexit location. This puts Dublin ahead of all other European centres in attracting business from the UK.

Those supporting independence must counter the scaremongering and highlight how, in situations such as this, Scotland is losing out and that full control over our own affairs will bring considerable benefits.

Alex Orr, Marchmont Road, Edinburgh.

Labour in a pickle over Scottish stance

Another election and once again Scottish Labour was decimated in its former heartlands. So, why did Anas Sarwar. who was uncritically promoted by the media simply because he stubbornly opposed indyref2, fail to stop the rise of the SNP under Nicola Sturgeon?

The Labour Party is in a pickle. In England, most voters are to the right of Labour. In Scotland most voters are to the left of Labour. Post Corbyn, the Labour left has let the Blair-ites take over UK Labour under Keir Starmer who finds it difficult to attack Boris Johnson from the right.

Anas Sarwar on the other hand, also a Blairite finds it difficult to attack Nicola Sturgeon who is anchored in the centre-left ground in Scotland, exactly where he should be.

If Labour is to make any comeback in Scotland it needs a new left of centre social democratic leader who supports the right of the Scottish electorate for indyref2.

Jack Fraser, Clayknowes Drive, Musselburgh.

Nicola’s flag waving is proving costly

Nicola Sturgeon’s obsession with independence is becoming worrying. I can’t believe the amount of money spent on new EU flags.

One has to ask why. Is she trying to convince us or herself that we will be back in the EU and that will have independence come what may? It’s not just the flags but the money that has been spent on them and the fact she actually wants them flying in Scotland when we are not part of the EU.

I think her party need to take a long hard look at how things are going and ask is it now an obsession out of hand or is it just that its her dream come what may?

I am now worried about my future in Scotland and that of my family.

Mrs Susan Smart, Penicuik.