The Economic outlook for Scotland

IveSeenTheLight

posh*spice wrote: »

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:
Yes thats why you spend all day on MSE because you have such a high powered demanding job;)

LOL, I'm not on here all day, I can have multiple screens open and MSE minimised, only responding when I have an opportunity to do so.

Sometimes, I'll be unavailable for days if away on business but generally I have a good practice of being pro-active and ahead of myself able to react to any consultancy queries that may arise.

You don't have to be on the front line to manage the resolution.

Anyway, best of luck in your work and life.

IveSeenTheLight

Thrugelmir wrote: »

Ultimately it's the likes of you or I that have the final say. Nationalism works two ways. Once you head down a certain road it's difficult to reverse before real damage is done.

We'll Independence will not happen over night and there will be a period of negotiations and agreements before the line is drawn in the sand.

I'm sure we all want to work towards an agreeable solution.

IveSeenTheLight

posh*spice wrote: »

I can live without all of that

Best of luck to you posh spice.

I'll not cut off my nose to spite my face and you may find there are products or services that are to your liking in the future.

IronWolf

I've always wondered why oats always seem to be Scottish...

sss555s

IronWolf wrote: »

I've always wondered why oats always seem to be Scottish...

We'll use them to make Groats

setmefree2

Funds head south over Yes fears

Asset managers, investors and pension savers are moving billions of pounds out of Scotland, according to industry executives, amid rising concerns about the financial consequences of a Yes vote in next week’s independence referendum.
Multrees Investor Services, a manager of bank accounts for the wealth management industry, said it alone had moved hundreds of millions of pounds on behalf of several wealth managers. “They’ve all been taking action,” said Chris Fisher, Multrees’ chief executive. “If our clients are doing it then other financial services companies are doing it as well.”


Wealth managers report clients moving deposits out of Scottish banks, and pension funds out of the stock market and into cash. One independent financial adviser said a client had shifted close to £1m out of stocks into a safer asset.
“Clients are concerned about the unknown,” said Claire Walsh, chartered financial planner at Aspect 8, the independent financial advisers. “Some of them are elderly and nearing retirement and are worried about their assets.”

One Scottish asset management executive said that UK financial regulators were “quietly reaching out” to institutions to discuss their contingency plans for a potential Yes vote on September 18.
Big Scottish financial institutions, including Royal Bank of Scotland and Lloyds Banking Group, have said they are concerned about the consequences of a Yes vote and are working on contingency plans. Standard Life is one of the few to say it may move its domicile to England if Scotland becomes independent.
Barney Reynolds, a partner at Shearman & Sterling, said: “For firms to continue to be under UK supervision, their place of business and management generally would have to be in the UK. This will tend to create a gravitational pull on Scottish firms to relocate much of their infrastructure to the UK, particularly for retail-oriented businesses.”

http://www.ft.com/cms/s/0/c43c9a14-3846-11e4-9fc2-00144feabdc0.html#axzz3CqcVd6Ux

Mark Carney, governor of the Bank of England, warned that a currency union between England and an independent Scotland would be “incompatible with sovereignty”. His comments mark a significant hardening of his position against sharing the currency

setmefree2

Scottish independence: Foreign investors desert British economy amid fears of 'yes' vote

Up to £12bn withdrawn as Japanese bank Nomura warns of possible sterling 'collapse'

Major global investors have been pulling billions of pounds out of the British economy due to fears that Scotland could vote “yes” to independence.


Figures from investment bank Societe Generale showing an apparent flight of investors from the UK came as Japan’s biggest bank, Nomura, urged its clients to cut their financial exposure to the UK and warned of a possible collapse in the pound. It described such an outcome as a “cataclysmic shock”.
Sterling has fallen sharply since the shock poll at the weekend suggesting a narrow “yes” vote was on the cards. It fell again today until the governor of the Bank of England gave a speech to unions which investors took as suggesting he was eyeing an interest rate rise.
Nomura’s advice to clients such as giant pension funds was not only to pull money out of British investments, but to take out bets against British Government bonds and UK banks’ share prices.
Jordan Rochester, Nomura’s foreign exchange strategist told The Telegraph that fast-moving hedge funds had started moving out some time ago, but now traditionally longer-term investors like pension funds were also taking flight. “The risks are suddenly seen as much greater for Japanese pension funds,” he said.

http://www.independent.co.uk/news/uk/scottish-independence/scottish-independence-foreign-investors-desert-british-economy-amid-fears-of-yes-vote-9720967.html

setmefree2

The celebrated liberal economist Paul Krugman at the weekend warned a vote for Scottish independence would be catastrophic for the country. “The risks of going it alone are huge,” Krugman warned in his New York Times column. “You may think that Scotland can become another Canada, but it’s all too likely that it would end up becoming Spain without the sunshine.”

setmefree2

Good article on Scottish notes post independence

"No more Scottish bank notes south of the border"


http://www.bbc.co.uk/news/business-29117882

setmefree2

The beginning of the end for Scottish financial services?

http://www.moneymarketing.co.uk/opinion/the-beginning-of-the-end-for-scottish-financial-services/2014020.article?MsgId=110657

Before the crash, financial services would have been trumpeted as the flower of the Scottish economy with politicians falling over themselves to praise the industry. After all, you often hear the refrain “Scotland’s oil”. The paradox is that oil currently contributes only around £4bn to the Scottish economy, and falling. Yet according to Scottish Financial Enterprise, financial services contributes nearly double this at some £7bn.

Until such a time as all the uncertainty is resolved one place where there will be little silence and where the lights will burn extra bright are the offices of London law firms. The tragedy for jobs in the Scottish financial services sector is the effect of momentum. Having taken such expensive advice, anticipating the risk of future secession, many institutions will conclude that they might as well go ahead and move. You only have to look to Canada to see what can happen to a financial centre faced with recurring political uncertainty caused by a “neverendum”.
According to Mark Milke of the Canadian think-tank the Fraser Institute, Montreal has slipped from being the “Gibraltar of the Canadian provinces” after the Great Depression of the 20th Century to being merely the third-largest home of head offices in Canada in the 21st. The blame for this decline is laid squarely on Quebec’s high-taxing nationalist governments.
Firms have literally been driven into the arms of neighbouring provinces. Even the Bank of Montreal has moved its headquarters to Toronto, retaining only a fig-leaf presence in Montreal itself. An omen perhaps for what might happen to RBS’s sprawling Gogarburn headquarters? Only time will tell.
With all the parties pledging greater devolution and tax and spending powers for the Edinburgh Parliament, the Scottish financial services sector could be facing a perfect storm. London’s lawyers and financiers will be rubbing their hands with glee. This is surely not what the nationalist cause intended.