Scottish independence could leave UK economy in crisis

Almost £17 billion has been pulled out Britain in the last month, CrossBorder Capital found.

Scottish independence could leave UK economy in crisis

World Bulletin / News Desk

The UK economy could be on the verge of a crisis if Scotland votes for independence in a referendum on September 18, with a London-based consultancy already reporting that almost £17 billion has been pulled out Britain in the last month.

Described as the worst economic crisis to hit the country since the credit crunch of 2008, the information released by CrossBorder Capital comes after major banks, oil companies and supermarkets began voicing concern about Scottish secession amid uncertainty over the currency and a central bank.

According to The Independent, Deutsche Bank compared a vote for independence to Winston Churchill's decision to return the pound to the Gold Standard, which helped bring on the Great Depression.

"These decisions - well-intentioned as they were - contributed to years of depression and suffering and could have been avoided had alternative decisions been taken," David Folkerts-Landau, its chief economist, reportedly said in a note to clients.

"Foreign investors come to Scotland because they rely on a predictable investment environment. All of this comes from a united Great Britain," he added.

Furthermore, British Petrol chief executive Bob Dudley said Scottish independence would cause his company “uncertainties” over its North Sea industry, adding that BP believes that the future prospects for the North Sea are best served by maintaining the existing capacity and integrity of the United Kingdom.

Scotland, a resource-rich country, is set to go to the polls on September 18 for a referendum regarding its future. Although it is predicted to be a tight race, the latest survey found that the pro-independence vote has for the first time taken the lead against the 'no' camp.

Last Mod: 13 Eylül 2014, 17:51
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