Grumpy BuggerA look at life from another perspective.
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Date: 11 September 2014
Today's Topic: Banks and business threatens to leave Scotland
Triggers: BBC News Report
My Grump: Alex, the banks and business owners don't believe you
One week to go before Scotland decides it's future. New polls released today suggest the result is going to be very close, with 52% against independence and 48% in favour.
RBS (Royal Bank of Scotland) and Lloyds banks have both said they will move their head offices to London following a Yes vote, but the yes vote campaigners claim this is just moving the brass plaque from one door to another. But that's not true is it? Head office will need manpower and employees, which will mean the movement of jobs and labour from Scotland down to London, on a permanent basis.
In addition, the financial institutions of Scotland have said that the liabilities of both RBS and Lloyds equal 12x the size of the Scottish economy. So they both require secure legislation and the backup of a stronger economy, which can only come from the Bank of England. Other financial institutions are also moving money south of the border to ensure it's safety. Companies such as Standard Life. What does that say about their trust of a country run by the likes of Alex Salmond?
When the news came that the Yes campaign was gaining ground, the stock market responded strongly and 2 billion pounds was wiped off the value of top Scottish companies. Companies that employ over 40,000 people. This will affect these companies ability to raise capital, invest, employ and pay the pensions of their employees.
Scotland, are you prepared to gamble your future and your families future on the promises of Alex Salmond? I pray you don't! With money pouring out of Scotland like a broken dam, this should be a strong signal that all is not right with the Yes campaign.
This is a serious gamble with peoples lives. It's a once in a lifetime decision and the consequences are likely to be very significant, on the economy, on jobs, on lifestyle. Scotland, you can be a proud nation; YOU ARE A PROUD NATION ALREADY! That is not going to change by staying within the union. I think Mr Salmond has very much downplayed and even hidden from you the risks of seperation.
Accept the new proposals laid out by Gordon Brown and enjoy greater independence, but within the security of a United Kingdom. Alex Salmond may claim that all this bad news is scare mongering, but it's not scare mongering when businesses are already making contingency plans for what to do if the Yes vote wins. Mr Salmond would much rather you put your head in the sand and let the storm blow over, much as he is doing.
It's interesting to hear interviews of business owners who are asked questions like, 'What are the opportunities for business in an independent Scotland?', the answers you get back only downplay the risks, rather than talk about opportunites. The truth is that given sufficient time Scotland may well be using a different currency than England, following independence. This will make trade with England more difficult and will incur costs, making everything more expensive.
Only this morning the chairman of the John Lewis Partnership, Sir Charlie Mayfield, told the BBC there were "economic consequences to a Yes vote". He said it was "most probable" that prices will have to rise, "It does cost more money to trade in parts of Scotland, and therefore those higher costs in the event of a Yes vote are more likely to be passed on." This is obvious, because a close to source branch of any supermarket, is cheaper to supply than one further away. We already see this in the oil industry. Mr Mayfield said: "When we are talking about two separate countries it is most probable that retailers will start pricing differently."
Does this mean the Scots will cross the border to do their shopping? Probably, the same thing happened between Northern Ireland and Ireland many years ago. I find it really funny that even businesses with SCOTLAND in their company name, and companies that have been proudly Scottish for decades, are getting ready to flee the nest. Don't you? This has got to be bad for Scotland. If they can see it, why can't Salmond?
It won't be long now Scotland, time to make your choice. CHOOSE WISELY!
Please share your thoughts below, thank you.