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scottish referendum

2

Comments

  • rpc
    rpc Posts: 2,353 Forumite
    ColdIron wrote: »
    I hope Scotland doesn't come back once a week to get its washing done
    Yes we will. And the ironing too thank you very much. And you will continue to invest in buying us new clothes.
    Archi_Bald wrote: »
    If they did, we would have no obligations or desire to let them use our washing machines, or to do any of their ironing. They's soon realise they'd have to do their own laundry.
    Those are our washing machines and we are keeping them. But you can pay the repair bills. You will do the ironing because it is in your best interests to be a good neighbour.

    It's the sovereign will of the Scottish people after all.
  • ColdIron
    ColdIron Posts: 9,642 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    But we'll make you cut the grass in return or you won't get Sunday lunch :)
  • Reaper
    Reaper Posts: 7,343 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    I think this "move your money south just in case of a yes vote" is overdone.

    Even if there is a yes vote independence will not occur on the day. Instead it is due to happen in March 2016 so there really is no need to panic.

    And as there is so much to work out and negotiate over I would be amazed if the date was not pushed back a lot further.

    Shares in Scottish companies would be affected sooner (and indeed some have moved already due to last weekend's poll), but not bank accounts.
  • I agree there's no reason to panic as there's still time for the likes of Aberdeen and First State to tell us how they will continue to meet the needs of residents of the UK and put the arrangements in place.


    I'd expect to hear the announcements within say 3 months of a Yes vote occurring, otherwise there may not be enough time to put the arrangements in place.
  • colsten
    colsten Posts: 17,597 Forumite
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    I agree there's no reason to panic as there's still time for the likes of Aberdeen and First State to tell us how they will continue to meet the needs of residents of the UK and put the arrangements in place.


    I'd expect to hear the announcements within say 3 months of a Yes vote occurring, otherwise there may not be enough time to put the arrangements in place.

    Agree there is no rush to acting now or in the immediate future. But the only widely acceptable arrangements the scottish financial companies would be able to offer are those that are fully licensed and guaranteed under UK law. This, by implication, would mean they'd need to set up south of the border, or face losing significant number of customers and significant amounts of investments.
  • roxy28
    roxy28 Posts: 670 Forumite
    Ninth Anniversary
    Did any one else watch the BBC news this morning, the bank of england said it will support ALL deposits in scotland in the event of independence. Is that even possible even for a set time? i think i heard the report correctly.
    :T
  • colsten
    colsten Posts: 17,597 Forumite
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    They will, until independence would happen, as until that point in time the legislation, regulation and guarantees of the UK will apply.

    After the date of independence, all guarantees etc for deposits and investments in Scotland would need to be the responsibility of Scotland. All existing UK arrangements would only apply to rUK from then on.
  • rpc
    rpc Posts: 2,353 Forumite
    Reaper wrote: »
    I think this "move your money south just in case of a yes vote" is overdone.

    Even if there is a yes vote independence will not occur on the day. Instead it is due to happen in March 2016 so there really is no need to panic.

    But it is the worry that causes capital flight, not the reality of problems. News that capital controls could be applied post-Yes only encourages people to move more quickly in case they are prevented from doing so later.
    And as there is so much to work out and negotiate over I would be amazed if the date was not pushed back a lot further.
    If the date slips (which would be sensible, given the enormity of the task) then the SNP may lose their Holyrood majority which presents some political and constitutional issues...
  • Reaper
    Reaper Posts: 7,343 Forumite
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    edited 9 September 2014 at 4:07PM
    rpc wrote: »
    But it is the worry that causes capital flight, not the reality of problems. News that capital controls could be applied post-Yes only encourages people to move more quickly in case they are prevented from doing so later.
    Remember Scotland would remain part of the UK until March 2016, so any capital controls would be stopping you moving your money in sterling from one part of the UK to to another. With UK banks having branches north and south and no border controls that sounds unworkable. I doubt they could stop money moving electronically let alone car loads of cash being carried over the border.

    Besides nobody has said capital controls are on the table, some people are just guessing it is part of the Bank of England's contingency plans.

    But yes, I agree the perception of a problem can cause as much damage as the reality.
  • roxy28
    roxy28 Posts: 670 Forumite
    Ninth Anniversary
    Reaper wrote: »

    Besides nobody has said capital controls are on the table, some people are just guessing it is part of the Bank of England's contingency plans.

    Re BOE contingency plans.

    If capital control was on the table who brings it in?,
    would it be scotland or bank of england,
    :T
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