Advertisement
UK markets open in 32 minutes

  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     

  • HANG SENG

    17,152.57
    +323.64 (+1.92%)
     

  • CRUDE OIL

    83.51
    +0.15 (+0.18%)
     

  • GOLD FUTURES

    2,341.40
    -0.70 (-0.03%)
     

  • DOW

    38,503.69
    +263.71 (+0.69%)
     

  • Bitcoin GBP

    53,543.65
    +6.52 (+0.01%)
     

  • CMC Crypto 200

    1,415.06
    -9.04 (-0.63%)
     

  • NASDAQ Composite

    15,696.64
    +245.33 (+1.59%)
     

  • UK FTSE All Share

    4,378.75
    +16.15 (+0.37%)
     
Money:

What is the true cost of the UK state pension?

To get a sense of the true value of the state pension, you can look at how much you would need to save to match it yourself

RBS 'considering options' should Scots vote for independence

Reuters - UK Focus

* RBS (LSE: RBS.L - news) in talks with with BoE, government over Scotland

* Further branch closures 'inevitable' - Chairman

EDINBURGH, June 25 (Reuters) - Royal Bank of Scotland's Chairman Philip Hampton said on Wednesday the state-backed lender is considering its options should Scotland vote for independence in September.

Hampton told shareholders at the bank's annual meeting the impending vote had created great uncertainty and would have implications for the bank's credit rating, tax and regulation.

"We are having to consider the possible business implications of a 'Yes' vote and our response. We maintain a continuous dialogue with the Bank of England, UKFI (UK Financial Investments) and the UK government and the Scottish government on these matters," he said.

ADVERTISEMENT

Scotland will hold a referendum in September on whether to end its 307-year union with England. The latest YouGov (Other OTC: YUGVF - news) poll showed that the "No" campaign had extended its lead over the pro-independence "Yes" campaign to 17 points, bucking a recent trend of surveys that have shown rising support for the nationalists in recent months.

Business Secretary Vince Cable has said it is inevitable RBS will move its headquarters from Edinburgh to London in the event of independence because of the greater stability offered by Britain's established financial system and regulation.

Scotland's First Minister Alex Salmond has said Scotland will officially become independent in March 2016 in the event of a 'yes' vote, giving Scottish based banks RBS and Lloyds Banking (Xetra: LLD.DE - news) Group 18 months to assess their options.

Hampton told RBS shareholders that, during the period of transition, the Bank of England would continue to be the lender of last resort to the banking sector and the UK would be the sovereign domicile for RBS.

Hampton also told shareholders it was inevitable the bank would close more branches following a 30 percent decline in branch transactions over the past three years. (Reporting by Matt Scuffham; Editing by Steve Slater)