More gratuitous headline writing from the BBC, and I feel as the wife of an employee of the financial services sector in Edinburgh that I have to highlight this.
The actual story in the article is that Lloyds have confirmed something that is blatantly obvious to anyone who thinks about it, that they’ll need to set up some new legal entities in rUK after independence.
The only actual quote from a financial organisation here is this from Lloyds:
"While the scale of potential change is currently unclear, we have contingency plans in place which include the establishment of new legal entities in England. This is a legal procedure and there would be no immediate changes or issues which could affect our business or our customers.”
These legal entities are normal practice. Santander are a Spanish bank, who have a legal entity called Santander UK which trades here. No doubt they’d be setting up Santander Scotland after independence. It doesn’t mean they’re moving their headquarters here.
No-one can know the future and I’m not saying it’s impossible that Lloyds or RBS will move staff between Edinburgh and London or other locations in the future. But this applies with Scotland as part of the UK or as an independent country. What I don’t believe is that either of these companies would simply walk away from 35 thousand skilled financial services staff in Edinburgh – and no company has said that they would. Companies like this go where the skilled labour is, that’s why Tesco Bank and Sainsbury’s Bank have set up large parts of their new operations in Edinburgh in the last few years and why Virgin Bank are still planning to do so in the next couple of years.
So don’t let headlines rule your head, especially when they misrepresent the actual content of the article. Companies will have to change some things in the event of independence, and they may have to adapt to a few of the changes that come after independence. But the day that corporations start determining our politics rather than adapting to it, democracy really will be lost.