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Scottish Independence - Hard Talk over the pound


Chinahand

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@DT - Willie Walsh was talking about what would happen to BA's Scottish business if an independent Scottish government abolished air passenger duty.

 

That is a very narrow point.

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The banks Lloyds and RBS will apparently have no choice but to leave Scotland within hours of a "Yes" vote for Scottish independence according to a very late night item on BBC Radio 4 yesterday (Wednesday)...Seemingly there is a 1995 EU Directive whereby banks must be lodged or domiciled in the country where they do most of their business.

 

This Directive was brought about to counter the former situation of BCCI which was domiciled in Luxembourg and thus at that time out of reach for effective Bank of England regulation....

 

According to John Peston of Radio 4 both Lloyds and RBS are currently domiciled in Scotland but have most of their business in England and which does not matter when there is both a political and a currency union. However, if Scotland leaves the union and consequently loses its currency union with England and Wales, which we are told will happen, then Lloyds and RBS must domicile themselves in England so as to be under Bank of England control because England is where they do their main business.....That is what I gather anyway!

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Derail, apologies - I wonder what Standard Chartered and HSBC think of this rule ... then again the CEO of HSBC lives in Hong Kong so moving the domicile wouldn't be too onerous and has been speculated about before. I'd have thought Standard Chartered definitely breaks the rule - it has only a tiny presence in the UK?!

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Yes, Robert Peston!...The above is probably a simplification. As to whether or not there is a difference between a place of incorporation and a place of domicile I know not what.....I suspect that there is just as one can be contentiously resident/ordinarily resident/domiciled ...But this is not my trade... It was a very brief news item very late at night.

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Watched "This Week" from Scotland with Andrew Neil last night, and he seemed to suggest that those in the west of Scotland wanted little to do with either side in the independence debate

 

Should an attempt be made to resurrect the Kingdom of Mann & The Isles, thus risking the extreme wrath of Alex Salmond?

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Watched "This Week" from Scotland with Andrew Neil last night, and he seemed to suggest that those in the west of Scotland wanted little to do with either side in the independence debate

 

Should an attempt be made to resurrect the Kingdom of Mann & The Isles, thus risking the extreme wrath of Alex Salmond?

There has been talk of offering the Western and Northern Isles crown dependency status. That'd wipe the smirk off his face. stuart.gif

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I'd heard talk the Orkney & Shetland were minded to head in that direction

 

Hadn't heard of western isles thinking along the same lines

 

CM should be out making friends on the islands rather than buttering up to Salmond (if you'll excuse the phrase)

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anyone see Question Time last night? Comedy gold I am sure they got the audience and panelists pissed in a local pub. It was from Inverness

In my experience of Inverness and Aberdeen for that matter, there is no need to get the inhabitants pissed. They do a pretty good job themselves without coercion.

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