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Independence - The debate
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TOPIC: Independence - The debate

Re: Independence - The debate 10 years, 1 month ago #259

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Re: Independence - The debate 10 years, 1 month ago #260

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Re: Independence - The debate 10 years, 1 month ago #261

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Scottish independence will trigger mass exodus of financial services 9 years, 11 months ago #262

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Courtesy Telegraph

Scottish secession will result in between 20,000 and 40,000 jobs moving to England, providing "huge boost" to City of London, says Centre for Economics and Business Research

By Szu Ping Chan

Scottish households will see a double-digit decline in living standards if the country votes to become independent, as secession triggers a mass exodus of the financial services industry, according to a respected think-tank.

The Centre for Economics and Business Research (CEBR) calculated that independence would lead to a third of jobs in the financial services sector being moved south of the border.
In a speech on Wednesday night, Douglas McWilliams, the founder of the CEBR, will say that between 20,000 and 40,000 jobs will move to England if Scotland breaks away, as many of them depend on customers in the rest of the UK.
"Some industries in Scotland would be boosted by independence. One suspects that tourism industry for example will ultimately benefit," he will say. "But finance is highly likely to suffer."

Mr McWilliams will add that Westminster's likely refusal to form a fiscal, monetary or banking union with an independent Scotland will mean several businesses will be forced to move their operations.

"The experience of the euro means that it is highly unlikely that there will be a banking union if Scotland is independent," Mr McWilliams told the Telegraph on Tuesday night. "Without that, most of the Scottish financial services economy will migrate to England where their customers are. This is potentially a huge boost to the City of London."

While the CEBR believes the tax rises and spending cuts needed for an independent Scottish government to maintain market credibility will be much lower than some suggest, the think-tank will warn that Scotland's huge financial sector relative to the size of its economy means secession will be costly.

Drawing parallels with Ireland, which voted to leave the UK in the 1920s, Mr McWilliams will say that an independent Scotland is likely to "learn about economics the hard way".

"Many Scots seem to think they are not voting for independence from the rest of the UK but for independence from the laws of economics which they seem to think have been imposed on them by the English. Unfortunately for those who think this, the laws of economics are not subject to referenda and will continue to exist beyond Scottish independence when it occurs," he will say.

While Mr McWilliams will tell an audience at the Gresham Professorial Lecture in London that Scottish independence looks "very likely" because patriotism will trump the "laws of economics", he will warn that Scotland faces an economic "slump" as it deals with "the knock on effect of the damage to some of its key sectors like financial services.

"Like Ireland in the 1960s there might well eventually be an economic revival when policy makers, having tried everything else, start to apply common sense.
"It took the Irish 40 years to achieve this post independence. By the time [Scottish cit

Re: Independence - The debate 9 years, 11 months ago #263

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Salmond's worst week: After backing Putin and calling Scots 'drunks', campaign against independence soars to 16-point lead

58% say they will vote No, with only 42 backing independence
Surge in support for the Union follows growing anger over Putin praise
Refused to apologise for remarks during Holyrood questions
Also faces a backlash for branding Scotland a 'nation of drunks'
By ALAN RODEN and GARETH ROSE
Courtesy Daily Mail

LInk to full story

Re: Independence - The debate 9 years, 11 months ago #264

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