Tuesday 16 September 2014

Scottish Independence Vote Triggers Mass Banknote Shift Amid Fears Of Run On ATMs

bank note scotland

Millions of banknotes have been rushed to Scotland amid growing fears a Yes vote on Thursday could trigger a run on the country's ATMs, it has been reported.

As the future of the union hangs in the balance, Scottish businesses near the border have also purportedly been moving their money into English accounts in Cumbria.

Fearing people will run to withdraw money and put it into English banks, the cash has been moved to ensure the banks and , ATMs do not run out.

The Bank of England prints bank notes and circulates them in high-security vans to where they are needed, depending on the demand.

One source told the The Independent there had not yet a surge in withdrawals: “We have seen a big rise in customers coming in and asking us what would happen, but there is no sign of any significant flow of deposits from north to south.”

Another said: "We are, of course, monitoring the situation very closely from hour to hour.”

Rob Johnson, the chief executive of Cumbria's Chamber of Commerce, said many firms were transferring funds from banks registered in Scotland to those headquartered in England.

"We know it's happening, but we can't give names," he told The Guardian.

"It's inevitable that people would start to do this because uncertainty is something businesses can't handle … It's not about businesses being pro or against independence, it's businesses saying: 'There are some real issues here and we don't know what's happening.'"


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