The people's republic of Scotland

[sikamalc]

As I understand it all the banks whether in England or Scotland are backed by the Bank of England. For Scotland to have total independence it will need its own banking system. The Bank of England has made it abundantly clear that Scottish independence means just that. Your on your own.

And as Scotland has no back up to the banking system which you need (i.e. the bank of England) I fail to see how Mr Salmond will see it will work. the governor of the Bank of England (a Canadian) just to remind our Scottish friends, has already pointed out the massive pit falls that will in some instances and may in other instances befall Scotlands economy in the near and distant future.

Plus we now have major banks and retailers worried and talking of moving, and it will not just be a brass plate taken down off the wall. I wish the people of Scotland well, but as they say if you dig your own grave you will be expected to lay in it!

Believe whoever you want, but frankly I would rather believe business people than politicians any day of the week.

 

[LuckyEddie]

Which one?

Airdrie savings Bank

 

[Cyres]

I listened to John Majors comments on radio 4 yesterday, pity his arguments/views had not been expressed earlier in the campaign.

Scottish voters could be lead to the edge of a cliff and fall into oblivion.

D

 

[User00025]

Have you ever thought it's a cunning plan to get rid of them.

Cameron has played a bad hand. If he was going to offer a referendum in the first place he should have (as all politicians do) rigged it, but instead he allowed over 16's to vote. Everybody with a brain knows that young voters are more militant and would be more likely to vote yes. Then he ran a crap 'NO' campaign and now he is trying to bribe the electorate which could end up meaning Scotland costs more than at present. This will obviously **** off the English voter. He is toast.

 

[howa243]

Airdrie savings Bank

Who will regulate it and stand behind it in the case of default? I understand why you have done what you have but it is not unreasonable to concluded that a yes vote will lead to your money being rather less safe.

The Bank has measured its concentration risk by reference to the geographic split of the commercial
and residential properties held as security for customer advances. The split, as at 31 October 2013,
was as follows –

Geographic area Value Percentage of total lending

Glasgow £12.617m 23%
North Lanarkshire £10.284m 19%
South Lanarkshire £7.475m 13%
Rest of Scotland £17.663m 32%
England £0.465m 1%
Advances not secured by property £6.906m 12%

Total £55.410m 100%

May have read this wrong but if 88% of lending is against property and property values fall, how will that effect the bank?

 

[jimbo1984]

As I understand it all the banks whether in England or Scotland are backed by the Bank of England. For Scotland to have total independence it will need its own banking system. The Bank of England has made it abundantly clear that Scottish independence means just that. Your on your own.

And as Scotland has no back up to the banking system which you need (i.e. the bank of England) I fail to see how Mr Salmond will see it will work. the governor of the Bank of England (a Canadian) just to remind our Scottish friends, has already pointed out the massive pit falls that will in some instances and may in other instances befall Scotlands economy in the near and distant future.

Plus we now have major banks and retailers worried and talking of moving, and it will not just be a brass plate taken down off the wall. I wish the people of Scotland well, but as they say if you dig your own grave you will be expected to lay in it!

Believe whoever you want, but frankly I would rather believe business people than politicians any day of the week.

+1 couldn't have said it better ! Personally after hearing all the crap spouted by the yes supporters I really hope they do get independance I can just see the Red Cross adverts now " little hamish has to walk ten miles to get water if you send just two pounds a month ......"

 

[howa243]

Have you ever thought it's a cunning plan to get rid of them.

Yes that is a possibility. If it were true however he would not now be trying to bribe them to vote against. I think he has been caught out by the recent opinion polls and is scrambling to claw things back. Very poorly handled and will leave a nasty taste in the mouths of the English.

 

[private fraser]

More doom and gloom.
Three major banks warn Scotland it faces deep recession if it goes it alone: Analysts say price of independence could be wage cuts, unemployment and mass home sell-off

• Warning came from Credit Suisse, Denmark's Saxo and Japan's Nomura
• City analyst also said major Scottish-based banks would relocate to London
• There could be an echo of 1993 run on savings in broken-up Czechoslovakia
• Edinburgh estate agent claims millions in house sales are waiting for No vote

By PETER CAMPBELL and ROB DAVIES FOR THE DAILY MAIL
PUBLISHED: 23:33, 9 September 2014 | UPDATED: 00:09, 10 September 2014
5.9kshares

661View comments​

Three major banks say Scotland will be plunged into ‘deep recession’ with wage cuts and rising unemployment if it goes independent.
Analysts at Credit Suisse also said people would rush to pull their savings out of the country’s banks unless the Bank of England guaranteed them.
Nomura, Japan’s biggest bank, has already advised its clients to pull money out of the UK until after the poll in case the pound collapses.
Scroll down for video

+4


Safe as houses? Three major banks from Switzerland, Denmark and Japan have warned of financial catastrophe if Scotland wins independence as an estate agent warns millions could be lost in property sales

It comes as Scottish estate agents reported a freeze in home sales as buyers wait until after the referendum on September 18. They are also bracing themselves for a ‘flood’ of homes to be sold in the event of a Yes vote.
The pound fell to a ten-month low against the dollar on Monday, the day after a shock poll gave the Nationalists a one-point lead, and experts warned it could drop even more.

More...

• Don't rip our family apart: Cameron gets passionate about the Union in highly personal article for the Mail... and warns there will be no going back if Yes vote wins
• How No vote could give more power to the English regions: Clegg says rejection of independence will lead to a 'much needed rewiring' of how the UK is governed
• 'The NHS saved my sight and did everything for my baby Jennifer': Brown invoked memory of his late daughter to 'nail the SNP lie' health is not safe from Westminster

A holidaymaker taking £1,000 spending money to the US will soon get just $1,500 for their money, compared with $1,717 in July, under predictions from Credit Suisse and Denmark’s Saxo Bank.
Another investment bank, Citi, warned that separation would drag down the economic recovery of the rest of Britain.
Citi analyst Michael Saunders said splitting the union would ‘hit growth in both Scotland and the rest of the UK’, and global firms would be more likely to halt investment or expand elsewhere.
With eight days to go until the vote that could end the 307-year-old union, major question marks remain about the currency of an independent Scotland or how much national debt it would take on.

+4


On the soapbox: Nato's former secretary-general Lord Robertson and Labour MP Jim Murphy in Edinburgh

Mr Saunders said Scotland-based Lloyds, TSB and Royal Bank of Scotland would all relocate – ‘most likely to London’ – after a Yes vote.
This would shrink the economy as well as taking thousands of employees and their spending power with them. Standard Life has already drawn up contingency plans for a move South.
Mr Saunders added: ‘A Yes vote would create considerable economic and political uncertainties for the UK, which would not fade quickly.’
Nomura told investors in currencies and British pension funds that a Yes vote would be a ‘cataclysmic shock’ and sterling could drop by at least 15 per cent in the run-up to the referendum. Clients were also told to sell shares in RBS and Lloyds because they do so much business in Scotland.
‘The Scottish referendum could heighten uncertainty for institutions with significant cross-border business,’ Nomura said.

+4


Fightback: Leading the No campaign, Gordon Brown has found support in the man who replaced him as PM

Andrew Garthwaite, of Credit Suisse, said: ‘In our opinion Scotland would fall into a deep recession.’
He also predicted a ‘large-scale deposit flight’ – or a run on savings – unless the Bank of England stepped in to guarantee Scottish bank deposits, as happened when Czechoslovakia broke up in 1993.
Mr Garthwaite also said that even if Scotland kept the pound, wages would fall by up to 20 per cent.
Property industry sources predicted that house prices could suffer if Scotland gains independence.
One Scottish estate agent said: ‘Since August we’ve been getting noticeably far less calls and enquiries. You could have a flood of properties for sale as people jump ship to move to England.’
Mark Coulter, who runs Coulters estate agents in Edinburgh, said he had millions of pounds worth of housing deals on hold until after the vote.
‘We’re acting on behalf of people who have said they will pull out in the event of a Yes vote. They will be buying another property, and another deal will fall through.’

+4


Popular vote: But people in Scotland could see wages fall, according to Andrew Garthwaite of Credit Suisse


B&Q: YES VOTE WILL HIKE PRICES

The boss of B&Q owner Kingfisher has joined a growing number of retailers threatening to hike prices in Scotland if it divorces itself from the UK.
Sir Ian Cheshire had already warned he will mothball investment in Scotland if it votes for independence until details of the separation becomes clear. But he went further yesterday, saying: ‘Smaller, more complex markets often mean passing higher costs on to consumers.’
Earlier, Morrisons chief executive Dalton Philips said: ‘If the regulatory environment was to increase the burden of the cost on business, that would potentially have to be passed to [the] consumer. Why should the English and Welsh consumer subsidise this increased cost of doing business in Scotland?’


SHARING POUND 'IS NOT VIABLE'

Alex Salmond’s dream of sharing the pound is ‘incompatible with sovereignty’, the Governor of the Bank of England warned yesterday.
Mark Carney said Scotland would have no real control over its economy if it tries to keep sterling – casting doubt on the value of independence. And he warned it could fall victim to eurozone-style financial chaos if the SNP goes ahead with its pledge to use the pound.
Mr Carney pointed out that all three Westminster parties have ruled out allowing an independent Scotland to enter into a currency union. The comments cast huge doubt on the Yes campaign’s assertion it could keep powers over tax, spending and borrowing in such a union.



Market Update: Pound, Scotland and leading shares (related)

Read more: http://www.dailymail.co.uk/news/art...loyment-mass-home-sell-off.html#ixzz3CzvTrfTp
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Whit!?...there's naethin aboot this in ma wee blue book.
It'll be mair lies'n'pish frae thae English B's.
They waant oor oil !!!

Sorry, I do apologise, I forgot which side I'm on.

I saw that happen with a lawyer in court once..I was a witness in an rta.
How the magistrates chuckled.

 

[tackb]

As I understand it all the banks whether in England or Scotland are backed by the Bank of England. For Scotland to have total independence it will need its own banking system. The Bank of England has made it abundantly clear that Scottish independence means just that. Your on your own.

And as Scotland has no back up to the banking system which you need (i.e. the bank of England) I fail to see how Mr Salmond will see it will work. the governor of the Bank of England (a Canadian) just to remind our Scottish friends, has already pointed out the massive pit falls that will in some instances and may in other instances befall Scotlands economy in the near and distant future.

Plus we now have major banks and retailers worried and talking of moving, and it will not just be a brass plate taken down off the wall. I wish the people of Scotland well, but as they say if you dig your own grave you will be expected to lay in it!

Believe whoever you want, but frankly I would rather believe business people than politicians any day of the week.

and there is the problem with politics today , it used to be businessmen went into politics and they knew you couldn't sustain spending more than you earn ! now there is such a thing as a career politician , never really worked in a business environment and have no idea about the real world!

 

[private fraser]

Contrast the news given in Elmers link with that given in this one in May, just 4 months ago...

Latest figures offer further good news for Scotland's economy - News stories - GOV.UK

Lets not forget that Salmond pushed for the Royal Bank to buy into the Dutch bank deal that was such a disaster.
He also admired the "Celtic Tiger" economies of Iceland and Ireland.
A real guru then.

You Yes guys want to hand Scotland over to him and you can't understand our "negativity".

Oh well.

 

[Mickeydredd]

Wasnt wee Eck formerly an accountant.........

and there is the problem with politics today , it used to be businessmen went into politics and they knew you couldn't sustain spending more than you earn ! now there is such a thing as a career politician , never really worked in a business environment and have no idea about the real world!

 

[private fraser]

Wasnt wee Eck formerly an accountant.........

He used to work for RBS.
Maybe he's settling old scores.

Alex Salmond - Wikipedia, the free encyclopedia

 

[Solwaystalker]

Ive just got home from a trip to the RBS in Dumfries , about 8 guys in front of me 2 of them there were to close there accounts sayin they didnt want to give buisness to a bank that was ready to run

 

[Shabz]

I'm pretty sure the uk economy owns 83% of RBS. I don't know why it's such a shock that it would move to England in the event of a yes?

 

[LuckyEddie]

The one and only reason that Westminster wants us to stay together is oil revenue - pure and simple

"Britain’s offshore oil and gas industry is well worth supporting.
Take another look at its achievements highlighted in this
report and the overwhelmingly positive benefits this industry
provides to all of us in this country. It makes a hugely important
contribution to our living standards even in the best of times
for the economy. Right now that contribution is vital. Without
our oil and gas today, the deficit on the country’s balance of
trade would double, half a million or more jobs would be lost
from the economy and there would be a £17 billion hole in the
Government’s tax and national insurance receipts for this year
alone. We would also be wholly dependent on imported oil
and gas for three quarters of our total primary energy supply.
Happily, thanks to this industry, these are some challenges we
do not face today."

Taken from Oil & Gas UK Economic Report 2012
If Scotland goes it alone then the rest of the UK goes belly up as there is no other income to replace it.
In the short term at least, far from leaving Scotland the banks will be flocking back as we would have the hard currency of oil to back us while the remainder will seriously struggle.


So they say it's going to run out sooner than the SNP indicate, well if it is what is the UK government doing to rectify the situation because Aberdeen will become a ghost town with high unemployment.

To win my vote the UK government need to say what their plans are for their anticipated date that the oil runs out because then instead of 5m mouths to feed there will be 60m mouths (and rising).

 

[bogtrotter]

And here what they really think of us, some union.


The MOD has deemed the UK's nuclear deterrent is to dangerous to be housed in England, but says an accident in Scotland
would result in acceptable collateral damage.

 

[private fraser]

Whit!?...there's naethin aboot this in ma wee blue book.
It'll be mair lies'n'pish frae thae English B's.
They waant oor oil !!!

Sorry, I do apologise, I forgot which side I'm on.

I saw that happen with a lawyer in court once..I was a witness in an rta.
How the magistrates chuckled.

As above

 

[sikamalc]

BBC 1 1-o-clock news.

Mr Salmond is now asking for an inquiry into the BBC as he feels that the recent events of RBS and Lloyds banks leaving Scotland if the yes vote wins, should not have been leaked out and he is accusing the BBC of spreading gossip.

Hmm seems to me that he certainly didn't want the general Scottish public to hear such issues as he probably knew it already?

Politicians !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[private fraser]

I'm pretty sure the uk economy owns 83% of RBS. I don't know why it's such a shock that it would move to England in the event of a yes?

'Cos that's where most of it's business is done and that's where the Tax will go if a split *
Some companies register in Ireland 'cos the tax is lower there...but do their business (so to speak) here.

RBS tax income going to England...ironic eh?

The sh*t is only just starting to hit the fan

* update... that has just been confirmed by bbc radio Scotland economics reporter at 1612 today.

 

[Mick9abf]

So they say it's going to run out sooner than the SNP indicate, well if it is what is the UK government doing to rectify the situation because Aberdeen will become a ghost town with high unemployment.

To win my vote the UK government need to say what their plans are for their anticipated date that the oil runs out because then instead of 5m mouths to feed there will be 60m mouths (and rising).

Absolutely correct, Aberdeen would become a rather more depressing hole than it is already; however I just don't understand why no 'Yes' supporters will appreciate that Sir Ian Wood actually knows more about extracting hydrocarbons than Alex Salmond, he said last night that, in his estimation, there is fifteen years viable exploration left in the north sea then the decline will start.

Are people that much in denial or is it that when you know enough people who actually work in the industry you get the facts..... Expertise can and does move frequently in the oil industry.

You cannot vote on prospective oil recoveries alone is all I'm saying.