Scottish Independence: HSBC chairman Douglas Flint warns Yes vote risks capital flight
HSBC chairman Douglas Flint warns independence could leave Scotland’s finances in a “parlous state”
Friday 22 August 2014
HSBC chairman Douglas Flint has added his voice to the list of senior business leaders warning over the risks posed by Scottish independence.
Flint, writing in a personal capacity in the Daily Telegraph, said a Yes vote next month would mean “a giant step into economic uncertainty” with doubts over currency arrangements potentially triggering capital flight out of Scotland.
Flint, an “exiled Scot”, warned that introducing its own currency would be “an enormous challenge” for Scotland while an informal link to sterling would mean importing the UK’s monetary policy, “a very odd form of independence”. Fellow City giants Royal Bank of Scotland and LLoyds have expressed concern about the outcome of the vote.
Last year, Flint donated £25,000 to the Better Together campaign led by former chancellor Alastair Darling, which supports the union, and has consistently argued Scotland already enjoys "the best of both worlds" by having a strong parliament and being part of the UK.
Earlier this month, the boss of Edinburgh-based insurance giant Standard Life has warned that Scottish politicians have so far failed to make the case for a “Yes” vote in next month’s independence referendum and warned that would consider moving large parts of its operations out of the country because of concerns over currency.
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