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Scottish Independence and Scotland's Future
Financial Services

Scotland is internationally recognised as the most important UK financial centre outside London and the South East, with a breadth of services including global custody, asset servicing, banking, investment management, corporate finance, general / life assurance and pensions. Although Scotland's banking sector, like banks across the globe, has experienced significant difficulties this does not reflect the industry-wide picture and recent announcements of expansion and investment plans by financial services companies have buoyed prospects for the future, for example, Tesco Bank; Virgin Money and HSBC all plan to create new jobs in Scotland.

Financial services remains a vital contributor to the overall success of the economy of Scotland as a whole. This is due not only to its importance in terms of employment and direct contribution to output, but also because of the impact the banking sector has on private sector growth.

The latest data available from the Business Register and Employment Survey show the industry employs over 94,000 people in Scotland with more than half of these working in banking. Across Great Britain, Scottish financial services accounts for the second highest proportion of total employment in the regional economy, and makes the second highest contribution to gross value added (GVA) within the local economy across the UK.

The Big Money Question

Financial Services - Executive Summary
A paper from the Scottish Democratic Alliance Think Tank (pdf)
SDA Monetary Policy
A paper from the Scottish Democratic Alliance Think Tank (pdf)
Scottish Monetary Reform
A site created by Ron Morrison
Annual Report
The Strategy for the Financial Services Industry in Scotland: Seventh Annual Report April 2011 - March 2012 (pdf)
Iceland, EFTA & the EU
This is a report on a decision by EFTA which illustrates some of the differences between the EU and EFTA. (pdf)
Independent Scotland needs its own currency
Page in the Scotsman 1 February 2013
Scots 'should consider own currency', economist says
Scotland should be ready to adopt an independent currency if the country votes in favour of leaving the UK, a leading economist will warn.
Andrew Goudie: Just how free would we be?
Article about currency union from the Scotsman 5th Mar 2013
Copy of a secret document which Finance Secretary John Swinney presented to the Scottish Cabinet
On what breaking away from the UK would mean for taxes and spending in an Independent Scotland. This was received from Gordon Aikman, Director of Research, Better Together on 6th March 2013 (pdf file)
George Kerevan: An argument that simply runs out of currency
A counter view of the above document 7th March 2013. In many respects this goes to show how things can be spun to match the view point of whoever is putting forth the information.  I'd recommend you read this article and the one above to see for yourself.
Scottish independence: Banking on currency union
Article from the Scotsman on 14th March 2013
Scots pound would give more control
Article from the Scotsman 2nd April 2013
Keeping the Pound
An announcement from the Better together campaign 24th April 2013
Critique of Treasury paper on Scottish finance industry
Treasury paper not an accurate reflection of Scotland's financial services 20th May 2013.
The UK Economy: a strong and secure UK?

Examines the currency issue - Cuthbert, M.: paper published by Jimmy Reid Foundation, May 2013.
Scotland needs to escape from the chains of sterling
By Ronnie Morrison in the Scottish Review 18th June 2013.
Scottish independence: ‘Own currency needed if Yes’
Professor Ronald MacDonald, the Adam Smith professor of political economy at the University of Glasgow, argues that an independent Scotland would need its own currency as it would be a net exporter of oil whilst the rUK (the rest of the UK) would be a net importer. 24th June 2013. (The full report can be read here).
The confidential Memo at the heart of the Global financial crisis
An interesting account published in the Vice on 24th August 2013.
Sterling zone plan flawed
THE SNP’s plan for Scotland to share a sterling zone with the rest of the UK after independence has been dealt a serious blow after one of the country’s leading bankers warned it is perhaps fundamentally flawed. Article from the Scotsman 29th August 2013.
Scottish independence: Balls not bluffing on currency
ED BALLS has insisted he was not bluffing Alex Salmond when he said the rest of the UK would not enter a currency union with independent Scotland if he were to become chancellor. (Scotsman article 4th October 2013)
The sterling price of Scottish independence
From the BBC 29th Jan 2014
As Scots Vote, Banks Plan
An article on July 10th, 2014
Opinion: Scotland could keep the pound.

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