WGPlus (Archive)

Editorial Comment: Has Baldric moved to Scotland with a ‘cunning plan’?

Although the ScotGov is still valiantly ‘pretending’ its economy is backed by significant oil revenues, the November 2015 OBR forecast figure for this year of £130m contrasted with actual receipts for 2014-2015 of £2.2bn, leaving a significant shortfall.

Despite this ‘reality’ the SNP keep talking up a second independence vote and/or finding a way to stay within the EU.  Could it be that at the heart of this position is a plan to grab £bns of revenue from the City of London, who may/will lose their ability to ‘passport’ their financial dealings with the euro, etc. upon the completion of Brexit?

Rather than banks having to move major parts of their operations/staff to Paris / Dublin / Frankfurt / etc., they could expand their operations in Edinburgh, which already has a significant English speaking financial sector and is in the same time zone as London.  Unfortunately (like all of Baldric’s plans) the ‘devil is in the detail’ and one cannot see the rUK facilitating any such outcome

Researched Links:

Official North Sea oil revenue forecast down by 94% - BBC News

What is an EU 'bank passport'? - BBC News

IPPR Scotland: 'UK Government must help not hinder Scotland from remaining in the EU'

ScotGov:  Protecting Scotland’s EU interests