Cable says Scotland independence would see RBS move to London

5th Feb 2014 14:40

The Royal Bank of Scotland (RBS) will move its headquarters from Edinburgh to London if Scotland votes for independence later this year, according to Business Minister Vince Cable.His remarks come ahead of the referendum on September 18th when Scotland votes on whether it should end its 307-year union with the UK.Cable said Britain's more stable financial system would entice the bank to move to the country."I think if you were managing RBS you would almost certainly want to be in a domicile where your bank is protected against the risk of collapse," Cable told a committee of lawmakers. "I think they already have a substantial amount of their management in London and I would have thought that inevitably they would become a London bank."Shares rose 0.24% to 332p at 15:00 on Wednesday.RDRD