Effect of Scottish Independence Vote

iAMaLONDONER

CLAPTON wrote: »

If Scottish companies, local authorities, private individuals had been foolish enough to use RBS as their banker and RBS went bankrupt and assigned to the rubbish tip, then all those depositors would lose their money;

Half of scottish industry and commerce would them be unable to pay their staff and their suppliers and any private depositors would be unable to access their own money and be unable to pay their bills.

This maybe would have caused some concern.

Remember, the banks weren't bailed out, it was the depositors that were bailed out.

Also would an independent Scotland be able to fund the £85,000 fscs protection that we all (As UK depositors) enjoy?

incandescent

iAMaLONDONER wrote: »

Also would an independent Scotland be able to fund the £85,000 fscs protection that we all (As UK depositors) enjoy?

This is a big question for me. One I've asked several times and haven't received a satisfactory answer for.

S&P's recent comment on Scotland's banking sector is significant though:

http://www.theguardian.com/politics/2014/apr/23/scotland-independence-agency-rates-scottish-banks

An independent Scotland would need the support of the UK Treasury and the Bank of England to prevent savers in its banks being as vulnerable as those who had money in Iceland during the 2008 financial crisis...

In a detailed analysis of where the Scottish banking system would stand after a yes vote, Standard & Poor's concluded it would be "challenging" for a government in Edinburgh to support its banks without the backing of London because their assets would be 12 times as big as the country's output – far higher even than Iceland's banks before their crash.

Although the Conservatives, Labour and the Liberal Democrats have insisted that Scotland will have to go it alone if it votes yes in September's referendum, the ratings agency said it would be very difficult for Scottish banks if this were the case. At the time of the crash, Brussels obliged all EU countries to guarantee €100,000 – or £85,000 – of a saver's money in the event of a bank collapse.

giffnockhibee

The arguments re the likelihood of rUK agreeing to a currency union are somewhat irrelevant as this option is being proposed by the SNP only because it is the option least likely to scare the horses, and is by no means certain to be their (post-YES) preferred option.

Every currency option (Pound/Euro/Groat) is a vote loser, so they have opted for the one which (currently) looks least risky, although it may well be that they would find some excuse to revert to their original Euro proposal, probably by citing the "big boy stole our pound and ran away" defence. Use of the Euro would, of course, be in either the German or Slovakian sense, depending on EU membership.

incandescent

giffnockhibee wrote: »

The arguments re the likelihood of rUK agreeing to a currency union are somewhat irrelevant as this option is being proposed by the SNP only because it is the option least likely to scare the horses, and is by no means certain to be their (post-YES) preferred option.

Every currency option (Pound/Euro/Groat) is a vote loser, so they have opted for the one which (currently) looks least risky, although it may well be that they would find some excuse to revert to their original Euro proposal, probably by citing the "big boy stole our pound and ran away" defence. Use of the Euro would, of course, be in either the German or Slovakian sense, depending on EU membership.

Absolutely true, of course.

One of the things nobody is talking about is the reaction of the Scottish electorate to any post-referendum negotiations. It is unlikely, to say the least, that the rest of the UK would agree to everything the SNP has been promising.

So suppose we did end up out of the pound and the EU? What if we had to keep Trident? What if there was no lender of last resort? What if we couldn't keep British citizenship? What if the financial settlement made it obvious all that we'd be poorer?

How would the Scottish electorate deal with this? Would they need to ratify the negotiated settlement with another vote?

iAMaLONDONER

planteria wrote: »

i have never heard of NatWest being part of the "Big Four", it is always Barclays, HSBC, Lloyds and RBS. have you got some figures/link to show the make-up of RBS? i had actually cross-posted with Thugelmir, sorry. Yes, Citizens Bank. i was under the impression that RBS had some significant business in the US.

Natwest was bigger than RBS when the latter took over the former!

iAMaLONDONER

incandescent wrote: »

This is a big question for me. One I've asked several times and haven't received a satisfactory answer for.

S&P's recent comment on Scotland's banking sector is significant though:

http://www.theguardian.com/politics/2014/apr/23/scotland-independence-agency-rates-scottish-banks

And that's not even considering what would happen when the oil runs out!

innovate

Whatever the eventual outcome may be, fact today is that the SNP have not got any even tentative agreement with anyone they would need to have a agreement with regarding the currency an independent Scotland could use.

Instead, we hear the immature "it is our currency as well as yours" argument, as if it was entirely a Scottish decision, and as if it was just a matter of continuing to use the same coins and notes.

Worse still, after the Treasury, unanimously supported by the political leaders of the main rUK parties, have made it clear that there will be no currency union without a fiscal union, Alex Salmond just keeps his head in the sand and makes his followers believe it is all scare tactics.

He does the country that he says he loves so much an unbelievable disfavour, and he is alienating any last friends he may still have in rUK with his arrogant statements on what is in the interest of rUK, or parts of rUK. Look, Mr Salmond and all his followers, rUK largely accepts that you say nobody south of Hadrian's Wall understands Scotland's needs and that you want to be able to decide matters for yourself. Same is true the other way round - keep your nose out of our business, we don't need you to tell us what is in our interest, we like to make our own decisions about our own affairs just like you do.

mikey_45

incandescant you say am a troll just because i am voting yes. fool. the stuff you talk about the man in the street does not give a monkeys, fiscal union, no pound, out of europe in europe, no bbc tv. we will let the smart people work out the tough stuff decisions to be made, but the working man and all of scotland will make the biggest decision, marking a little X in a box saying yes. you have been very dishonest with your scaremongering, trotting out silly facts everyone knows is utter crap and lies. real people dont care about that, got it. we can do it, we will do it, and there is nothing you can do about it. you will have to stand on your own two feet no more raping of our great country. there now scaremonger, no one cares what you say. do they

zagubov

incandescent wrote: »

You said Leichtenstein and Luxembourg.

Leichtenstein has a population of 36,000 - a small town - and bizarre tax laws which have brought it into serious conflict with most European countries. How does that compare to Scotland?

Luxembourg has a population of 537,000. Less than Glasgow, and area less than Ayrshire. It's economy is unique because it is almost entirely driven by vast EU spending and wages paid by EU central institutions. How can that be compared to Scotland?

And Ireland and Iceland? Alex Salmond was never done comparing Scotland to those two. Until their economies utterly collapsed.

And what of Denmark? I suggest you look into the level of tax paid there, its cost of living and the fact that its unemployment levels are slightly higher than ours. And the fact that its economy has nothing in common with ours.

Everywhere's bigger or smaller than Scotland. What of it? Luxembourg's bigger than Iceland. Its banks are bigger proportionally than Scotland's .

As for Denmark (and Norway who you've forgotten to mention interestingly enough), their take-home pay's much more than ours even after the tax. You're very fussy about who you think Scotland should be compared with, don't you think?:)

ColdIron

mikey_45 wrote: »

we will let the smart people work out the tough stuff

Aw Bless