THE Scots Nationalists last week offered an incomplete and inadequate explanation of how independence will work, including, paradoxically, retaining the UK pound. Yet the UK’s Bank of England will no longer retain an “interest” in the Scottish economy.
Post-2008, Lloyds Bank absorbed (without conducting due diligence) the previously Edinburgh-domiciled Bank of Scotland group, which post-independence will remain a UK taxpayer liability. This leaves the Edinburgh-based RBS Group, including NatWest, as a liability for an independent Scotland’s taxpayers.
Will UK-domiciled NatWest customers’ assets be protected by Scotland’s Treasury? Or will we be well advised to close our accounts and transfer assets to a UK-domiciled bank?
If Scotland chooses independence, then Scotland’s Government will be striving to join the EU, while the UK votes on whether to leave. If both referenda see positive votes, will the Scots still want to use the pound?
If Scotland chooses to support the Union, then whither the Scots Nationalist politicos? Is that the end of the subject? Will they accept the vote and disappear into obscurity?
If the UK electorate votes to remain EU members, then whither UKIP and their fellow-travelling, right-wing Tories? Will they accept the outcome, shut up and renounce further attempts to quit?
Nick Blitz, South Lane, Haxby, York.
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