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Cameron: Scottish independence could hit financial services

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Prime Minister David Cameron has urged against a Yes vote in the upcoming referendum on Scottish independence, suggesting it could hit financial services firms north of the border.

In a speech at the Confederation of British Industry Scotland conference last week, Cameron said most people who used Scotland’s financial services firms lived elsewhere in the UK.

He said: “This is one of the oldest and most successful single markets in the world. Scotland does twice as much trade with the rest of the UK than with the rest of the world put together.

“For some industries, the proportion of trade with the rest of the UK is even higher – 90 per cent of Scottish financial services’ customers are in England, Wales and Northern Ireland.

“This success doesn’t happen by accident. It happens because of the skill of people in Scotland and the opportunities that come from being part of something bigger, a large domestic market, underpinned by a common currency, common taxes, common rules and regulations with no borders, no transaction costs, no restrictions on the flow of goods, investment or people. Our’s really is an economy of opportunity.” 

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