It is rather puzzling to note
the column inches garnered
by the comments from Royal Bank of Scotland chairman, Sir Philip Hampton, that the bank would consider moving its headquarters from Edinburgh after Scottish independence if it encountered changes that harmed its business (14
Any business encountering increased challenges, such as cost pressures, would of course reconsider where it is headquartered.
One only needs look at the example of WPP, one of Britain’s most successful advertising companies, which moved to the more friendly tax jurisdiction of Ireland, and Regus, the office space and business service provider, which upped sticks for Luxembourg due to the UK’s tax regime.
In a business-friendly Scotland, with a low corporation tax regime, one can be sure that the Royal Bank will want to maintain its headquarters in Edinburgh, and those south of the Border and further afield will be eagerly eyeing up opportunities to relocate their operations to Scotland.