July 22, 2024

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NatWest to move headquarters if Scotland votes for independence

NatWest will transfer its headquarters out of Scotland after 294 years if the nation becomes unbiased, chief govt Alison Rose has said.

Ms Rose said the bailed-out bank would be forced to act for the reason that it is merely too massive for the Scottish financial system to help. The loan company – which very last 12 months changed its name from Royal Lender of Scotland – holds around £770bn of belongings, practically five situations Scotland’s GDP.

In her initially substantive remarks on the possible split-up of the Union since taking charge of the bank in 2019, Ms Rose said: “In the function that there was independence for Scotland our balance sheet would be too massive for an unbiased Scottish financial system.

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

The warning will come times prior to Scots go to the polls to elect a new devolved govt, with the SNP trying to find a mandate for a next independence referendum. 

Ms Rose added: “We are neutral on the problem of Scottish independence. It can be anything for the Scottish individuals to make your mind up.”

NatWest employs far more than 10,000 individuals north of the border, with the vast majority primarily based in its sprawling Gogarburn headquarters on the outskirts of Edinburgh, which is set in 100 acres of woodland on the site of a former psychiatric institution.

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

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

The bank’s previous management said prior to the 2014 Scottish independence referendum that a of course vote would pressure them to transfer its head office to London. Nevertheless, Ms Rose has said minor on the problem right until now.

The transfer will also increase thoughts about rival Lloyds Banking Group, which has been registered in Scotland because its merger with HBOS in 2009. A source at the bank said is was too early to speculate about any alter. 

Scottish Conservative finance spokesman Murdo Fraser said RBS’s warning “starkly confirms the very genuine penalties for Scottish jobs and company if Nicola Sturgeon at any time gets her way”.