Effect of Scottish Independence Vote

ruggedtoast

laser707 wrote: »

I am planning to move my SIPP and ISA account from HL. The two leading companies I want to go with ii and ATS are both based in Scotland. I am concerned about what would happen to my account should Scotland vote for Independence as I wouldn't want my finances to be based outside of the UK and its financial regulation.

Has anyone any thoughts about this?

Do you think my concerns are unwarranted?

I emailed Standard Life about this and got an ambiguous answer. In reality I wouldn't invest in a newly created foreign country and I'm not about to leave my hard earned money in one that just comes about by default, so will be moving my money out well before the vote.

As I have shares I am more concerned about the effect on share price of Scottish companies in the run up to the vote and then what will be a minimum of two years of uncertainty running up to separation.

As a separate aside, if Scottish nationalists want separation from the UK then this is what that means. You'll be separating from our money as well.

TCA

dunstonh, the Spanish foreign minister has said that if there is an agreed process by which Scotland can remain in/join the EU, then Spain has nothing whatsoever to say on the issue. Apparently. Barroso comparing Scotland to Kosovo would not seem a fair comparison, given Scotland has been part of the EU within the UK membership for 40 years and exists as such with EU compatible laws.

ColdIron

There are many eligibility criteria that a sovereign state must comply with before entry to the European Union can be granted that Scotland, after secession from the United Kingdom, simply would not meet

If the EU were to relax any of these what would there be to stop several Balkan countries, Turkey and Catalonia from queueing up around the block to be let in via the back door as well. We have already seen with Greece what the consequences can be and remember the vote on this must be unanimous.

planteria

Buzby wrote: »

I think not. I'm already an EU constituent and will not tolerate any change without national approval. Either way, it remains speculation - so hardly definitive.

if Scotland leaves the UK it will be leaving it's EU membership. you must know this. further, Scotland will not be allowed to join in it's own right.

TCA

ColdIron wrote: »

There are many eligibility criteria that a sovereign state must comply with before entry to the European Union can be granted that Scotland, after secession from the United Kingdom, simply would not meet

Such as?

planteria wrote: »

Scotland will not be allowed to join in it's own right.

Why not?

Buzby

planteria wrote: »

if Scotland leaves the UK it will be leaving it's EU membership. you must know this. further, Scotland will not be allowed to join in it's own right.

Because you think so? Such arrogance is typical of an MP, there is nothing that states that an existing EU constituent can be disenfranchised in the way you state. Rather than make pointless statements, provide the proof!

Further, I have yet to hear any EU country state that Scotland would not be welcomed as a member in its own right. However, ax England may well be leaving, just pass the parcel of membership over.

planteria

TCA wrote: »

You are assuming Scotland and its citizens would be kicked out the EU. It's just my opinion, but I can't see that happening.

Scotland will not be kicked out of the EU. if they leave the UK they will be leaving the EU too. if they want to reapply for membership, they can. but, as it stands, they will not be accepted.

innovate

It takes between 7 and 10 years for a country to be accepted into the EU. Every new joiner had to go through the same processes to gain their right for membership.

There is no reason why a new country, with many as yet unresolved issues, would get any different treatment than other countries. When it comes to the necessary vote, I wouldn't be surprised if countries like Bulgaria or Romania would probably at least abstain if not vote no. Never mind some other countries such as Spain or France.

The Yes campaign is now re-assuring people that they know better than 27 other countries, and that none of them has said they were against Scotland joining. It seems to escape the Yes campaign entirely that none of the EU member states has said they would welcome Scotland joining without having to go through the formal application process.

The Yes campaign definitely has a very weird understanding of what democracy is - in their view it seems to be a matter of what they want they must be given. Anybody not agreeing with their view is immediately accused of being a bully, preposterous, and undemocratic. The Press in some of the member states are bemused about what some of them call a belligerent approach to seeking friends.

As an aside, I could be wrong, but I seem to remember having seen that all new members must now also agree to adopt the Euro.

innovate

planteria wrote: »

. but, as it stands, they will not be accepted.

I don't think you meant to say that? Scotland can apply like any other European country can apply. They would probably have very good chances to get accepted but it will take years for a decision to made.

planteria

Buzby wrote: »

Because you think so? Such arrogance is typical of an MP, there is nothing that states that an existing EU constituent can be disenfranchised in the way you state. Rather than make pointless statements, provide the proof!

Further, I have yet to hear any EU country state that Scotland would not be welcomed as a member in its own right. However, ax England may well be leaving, just pass the parcel of membership over.

it is clear that Scotland would need to apply for membership in it's own right right. Scotland would not be able to 'stay in' the EU. in order to be accepted into the EU All EU member states would have to approve this. as dunstonh mentions above, one of these is Spain. The Spanish government do not want Catalonia and/or The Basque Country to be able to gain independence from Spain and then join the EU in their own right. they alone can stop Scotland from joining the EU. nothing arrogant about that, from me at least. as it happens, if the Scots vote for independence, i reckon they'd be better off out of the EU anyway;)