Scotland's largest banks and financial firms will abandon the country for Britain if Scots vote "Yes" to independence on Sept. 18. The news adds to fears that independence could prove to be an economic disaster for Scotland.
Here is the full list of companies that have confirmed plans to leave in the event of a breakup:Lloyds Banking Group Royal Bank of Scotland (RBS) TSB Clydesdale Tesco Bank Aegon Standard Life
We will continue to update this list as the story develops so check back in with us for the latest news!
Elsewhere, The Lawyer reports that a leading Scottish law firm is already moving its money out of Scottish banks and the chairman of John Lewis warned that supermarket prices could rise if Scotland goes it alone. Perhaps most seriously for a future independent Scottish government Bob Dudley, the chief executive of BP, warned that a "yes" vote could impact North Sea oil investment plans:
The opportunities today are smaller and more challenging to develop than in the past ... Much of this activity requires fiscal support to be economic, and future long-term investments require fiscal stability and certainty ... As a major investor in Scotland – now and into the future – BP believes that the future prospects for the North Sea are best served by maintaining the existing capacity and integrity of the United Kingdom.
The decision by these firms to make their contingency plans public ahead of the vote shows how uncomfortable the industry has become with the prospect of a breakup of the U.K. It also shows just how close people are now expecting the vote to be.
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SEE ALSO: The Pound Is Rallying After New Poll Shows No Vote Ahead In Scotland