Look to ourselves

I’m far from being an expert in global finance and market pressures, but I do know the Bank of Scotland is wholly owned by Lloyds Bank, is headquartered in London, has many branches throughout the world, and many more branches in England than north of the Border.

The Royal Bank of Scotland runs its global operation from its Edinburgh head office and, 
similar to Lloyds, it has significantly more branches south of the Border than in Scotland.

Sir John Gieve, a former deputy governor of the Bank of England, maintains that an independent Scotland “could not prop up the [banking] industry in the same way that the UK Treasury did in 2008” (your report, 22 May).

Surely if such an event were to occur again, the countries within the new social union would be 
liable to sort out their own 
national liabilities.

If Scotland does indeed gain independence, my understanding is that we would take over an agreed share of the UK 
national debt and presumably there would be an agreement reached in regard to Scotland’s future share of the financial 
infra­structure.

Scotland would continue to trade with other countries as the UK does presently. Our small country of only 5.4 million inhabitants would then establish itself within its various markets and, if the SNP’s assumptions and calculations are correct, then our value as a nation would increase.

As time passes and confidence in Scotland as a trading partner grows, our financial worth as a nation would then also increase.

Perhaps Mr Gieve is more concerned about how England and Wales would perform in the face of another financial meltdown. Hopefully, such a scenario will not arise but, just as in 2008, the risk remains for all countries.

Personally, I have every confidence in our ability to self-govern this wonderful little country.

Brian Watt

Hainburn Park

Edinburgh