08.08.2014 - Scottish independence: Keeping pound without currency union 'would see banks relocate'
Dr Angus Armstrong says going it alone with the pound after independence would leave Scotland's financial institutions without an effective lender of last resort. Keeping the pound without a formal currency union would force major banks to relocate from Scotland after independence, one of the country's leading economists predicted. Dr Angus Armstrong warned that if a separate Scotland goes it alone with the pound so-called sterlingisation the lack of an effective lender of last resort would see financial institutions flee south...............................................Full Article: Source
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