Scottish independence: ‘Threat to credit unions’

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SCOTTISH credit unions would be at risk if voters back indepedence, Chief Treasury Secretary Danny Alexander will warn today.

In a letter to the House of Lords economic committee, the Liberal Democrat minister will highlight the possible plight of small credit unions, with which one in 20 Scots saves, if they are denied access to the larger UK financial market. There are 113 credit unions in Scotland serving 250,000 people.

In the letter he says: “The imposition of a border would impact firms of all sizes, including smaller organisations like credit unions, who currently benefit from a range of UK-wide initiatives that help them grow and remain competitive.

“This benefit would more than likely diminish as a result. “

Mr Alexander is giving a response to the committee’s report on the potential impact of separation, but has denied its main criticism that the UK government needs to be more open about what will happen should Scots vote for independence.

He will say that the UK government “is not making plans for Scottish separation from the UK. This is not complacency, but rather based on a strong belief that the UK works, and works well.”

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