Updated 03 December 2020
Find out how the Scottish referendum could potentially impact you.
Telegraph: Scottish vote: 10 questions answered on ISAs, savings and bank safety
With the Scottish Independence vote nearing, major news organizations are now focusing heavily on the financial impact it will have on consumers. This has even lead to papers and money advice services answering countless questions on financial safety. The Telegraph recently published a Q&A ‘Scottish Vote: 10 questions answered on ISAs, Savings and bank safety’, and reported that ‘some institutional investors are moving clients’ money out of Scottish banks’, with several individual savers making transfers into English banks too. There are many aspects banks and insurers have to consider, if the yes vote goes through. This includes allowing all transactions from customers outside of Scotland to continue to use Sterling when paying in and out of their accounts, and also continues to be a part of the UK tax regime. It has been highlighted that UK consumers with Scottish accounts may no longer have protection, as they will not be covered by the Financial Conduct Authority run from the UK.
If you have any general questions you would like answered, you can refer to the Telegraph’s Q&A here
To get personalised advice, contact your nearest financial adviser here
Daily Mirror: Why the Scottish independence vote matters to YOU – healthcare, immigration, sport, banks and bills
In a detailed feature, the Daily Mirror gives us a brief roundup on the Scottish referendum and its impacts. The article focuses on all major sectors including, banking, immigration, healthcare, sport and even household bills. Looking at saver issues, the Mirror highlights ‘Investors are already worried about how an Independent Scotland would cope in the event of another banking crisis’, referencing the RBS and Lloyds bail out, which was easily saved because of the size of the UK. The Mirror also referenced Banker Magazine, who highlighted ‘Scotland’s banking sector has assets 12 times the size of Scotland’s gross domestic product’, which is why many financial firms are proposing to move their head offices to London. They also have an interactive poll on their website ‘Are you in favour of the Scottish Independence?’ – The results so far are, Yes – 33%, No – 67%
You can read more on how the Scottish Independence affects us as a whole here