Scottish
independence could lead to "capital flight" as savers rush to move
their money out of the country, the chairman of HSBC has warned.
Douglas
Flint, head of Europe's biggest bank, said that such a move, brought about by
uncertainty over an independent Scotland's currency, would leave the country in
a "parlous financial state".
The
HSBC chief's remarks come just weeks after another bank, UBS, warned that
Scottish independence could trigger a rapid withdrawal of savings.
UBS
economists said in a research note: “It probably does not matter that the Bank
of England will act as lender of last resort during the transition period -
history has shown that small depositors will queue to withdraw their money from
a bank even when those deposits are fully guaranteed.”
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