20/10/2021

Tannochbrae

Built Business Tough

NatWest to move headquarters if Scotland votes for independence

NatWest will shift its headquarters out of Scotland immediately after 294 years if the nation gets to be independent, chief executive Alison Rose has claimed.

Ms Rose claimed the bailed-out financial institution would be forced to act simply because it is merely as well big for the Scottish economic climate to support. The loan company – which final 12 months adjusted its identify from Royal Financial institution of Scotland – holds about £770bn of belongings, just about five times Scotland’s GDP.

In her first substantive remarks on the potential break-up of the Union since taking charge of the financial institution in 2019, Ms Rose claimed: “In the event that there was independence for Scotland our balance sheet would be as well big for an independent Scottish economic climate.

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

The warning arrives 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 extra: “We are neutral on the challenge of Scottish independence. It is really a thing for the Scottish people today to choose.”

NatWest employs a lot more than ten,000 people today north of the border, with the vast majority dependent in its sprawling Gogarburn headquarters on the outskirts of Edinburgh, which is set in a hundred acres of woodland on the internet site of a previous psychiatric establishment.

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

A NatWest spokesman claimed any modify in the bank’s registered headquarters would have no implications on its offices, staff members or clients.

The bank’s previous management said prior to the 2014 Scottish independence referendum that a certainly vote would pressure them to shift its head office to London. On the other hand, Ms Rose has claimed little on the challenge until finally now.

The shift will also elevate inquiries about rival Lloyds Banking Group, which has been registered in Scotland considering that its merger with HBOS in 2009. A supply at the financial institution claimed is was too early to speculate about any modify. 

Scottish Conservative finance spokesman Murdo Fraser claimed RBS’s warning “starkly confirms the incredibly real repercussions for Scottish employment and enterprise if Nicola Sturgeon ever gets her way”.