Poor Vince Cable must have missed the memo. On the same day as his Westminster colleagues were seeking to portray the banks’ comments on shifting headquarters as a “major blow” to the case for independence, Mr Cable was in the House of Commons trotting out the old line about an independent Scotland being too small to support its huge banking sector.
As the banks made clear, their contingency plans involve current jobs and operations remaining in Scotland while the brass plaques move south.
At a stroke this would guarantee that any risks associated with bailouts and bloated banking sector transfer to the City of London – which is only right since that is where the risky parts of these banks are based.
The banks’ plans represent the ideal situation for an independent Scotland.