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Booming Scottish finance industry wrestles with rising prospect of ‘Scexit’
Citigroup is predicting a 35pc chance of Scottish independence in the next decade after SNP victory
9 May 2021 • 1:50pm
Still reeling from the uncertainty surrounding Brexit, bankers and investors in Scotland are now facing the prospect of ‘Scexit’ – a split from the UK – following the Scottish National Party’s fourth victory in the Holyrood elections.
In a dramatic weekend for UK politics, Nicola Sturgeon said there is “no democratic justification whatsoever for Boris Johnson or anyone else seeking to block the right of the people of Scotland to choose our future”, leaving financiers asking themselves if they are ready for a break-up that could make Brexit feel like an appetiser.
Gillian Bowditch: SNP needs to bring business on board thetimes.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thetimes.co.uk Daily Mail and Mail on Sunday newspapers.
THROUGH the 1990s, the question of whether or not Scotland’s two biggest banks could retain their independence was a very big one. And it was viewed, quite rightly, as an extremely important matter. In the corporate world, amid consolidation activity, the issue of where the decision-making is done is always a crucial one. Head offices are vital to healthy economies. It is difficult to overestimate the advantage to employees and the broader business ecosystem of being part of or close to a corporate operation which is the seat of power, rather than a mere branch-type function exposed to big calls about its future being made at a distance. In short, head office locations are a big deal.