17/06/2021

NatWest to move headquarters if Scotland votes for independence

2 min read

NatWest will move its headquarters out of Scotland following 294 a long time if the place gets to be unbiased, main government Alison Rose has said.

Ms Rose said the bailed-out financial institution would be forced to act since it is merely way too massive for the Scottish financial system to guidance. The financial institution – which final calendar year altered its name from Royal Lender of Scotland – holds close to £770bn of assets, practically five instances Scotland’s GDP.

In her 1st substantive remarks on the potential break-up of the Union since taking charge of the financial institution in 2019, Ms Rose said: “In the celebration that there was independence for Scotland our harmony sheet would be way too massive for an unbiased Scottish financial system.

“And so we would move our registered headquarters, in the celebration of independence, to London.”

The warning arrives days in advance of Scots go to the polls to elect a new devolved authorities, with the SNP trying to get a mandate for a 2nd independence referendum. 

Ms Rose added: “We are neutral on the difficulty of Scottish independence. It really is anything for the Scottish individuals to choose.”

NatWest employs much more than ten,000 individuals north of the border, with the the greater part dependent in its sprawling Gogarburn headquarters on the outskirts of Edinburgh, which is set in 100 acres of woodland on the internet site of a previous psychiatric institution.

It also lends much more than £5m a working day to Scottish households and organizations. 

A NatWest spokesman said any alter in the bank’s registered headquarters would have no implications on its offices, staff members or shoppers.

The bank’s previous management said in advance of the 2014 Scottish independence referendum that a yes vote would power them to move its head office to London. Nevertheless, Ms Rose has said little on the difficulty right until now.

The move will also increase questions about rival Lloyds Banking Team, which has been registered in Scotland considering the fact that its merger with HBOS in 2009. A supply at the financial institution said is was too early to speculate about any alter. 

Scottish Conservative finance spokesman Murdo Fraser said RBS’s warning “starkly confirms the extremely true outcomes for Scottish positions and organization if Nicola Sturgeon ever will get her way”.