April 17, 2024


The business lovers

NatWest to move headquarters if Scotland votes for independence

NatWest will go its headquarters out of Scotland just after 294 decades if the place becomes impartial, chief executive Alison Rose has explained.

Ms Rose explained the bailed-out lender would be compelled to act simply because it is just too significant for the Scottish economic climate to guidance. The loan provider – which previous yr transformed its identify from Royal Lender of Scotland – holds all-around £770m of assets, just about five occasions Scotland’s GDP.

In her first substantive remarks on the probable crack-up of the Union since having charge of the lender in 2019, Ms Rose explained: “In the celebration that there was independence for Scotland our stability sheet would be too significant for an impartial Scottish economic climate.

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

The warning comes times ahead of Scots go to the polls to elect a new devolved authorities, with the SNP looking for a mandate for a second independence referendum. 

Ms Rose additional: “We are neutral on the challenge of Scottish independence. It truly is one thing for the Scottish folks to come to a decision.”

NatWest employs far more than ten,000 folks north of the border, with the the greater part based mostly in its sprawling Gogarburn headquarters on the outskirts of Edinburgh, which is set in one hundred acres of woodland on the web site of a previous psychiatric institution.

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

A NatWest spokesman explained any alter in the bank’s registered headquarters would have no implications on its offices, workers or prospects.

The bank’s previous management said ahead of the 2014 Scottish independence referendum that a yes vote would drive them to go its head office to London. However, Ms Rose has explained small on the challenge until finally now.

The go will also increase questions about rival Lloyds Banking Group, which has been registered in Scotland because its merger with HBOS in 2009. A resource at the lender explained is was too early to speculate about any alter. 

Scottish Conservative finance spokesman Murdo Fraser explained RBS’s warning “starkly confirms the really serious repercussions for Scottish careers and business enterprise if Nicola Sturgeon at any time gets her way”.