RBS refuses to rule out England move if indyref2 called

The Royal Bank of Scotland has refused to rule out moving its headquarters south of the border if another campaign for Scottish independence gets underway.

Speaking at the companys AGM, chairman Sir Howard Davies told shareholders the banking group would keep them posted on any plans to move to England if another vote on separation was called. Picture: PA

Speaking at the company’s AGM, chairman Sir Howard Davies told shareholders the banking group would keep them “posted” on any plans to move to England if another separation poll is called.

The bank, which is 73 per cent owned by British taxpayers, waded into the constitutional debate in the build-up to the last referendum in 2014 by declaring it would move its head office to London if Scotland voted to leave the United Kingdom.

Discussing the bank’s plans in light of renewed calls for indyref2, Sir Howard said: “One potentially significant outcome of the vote to leave the EU is that we might also be facing a second Scottish referendum.

Speaking at the companys AGM, chairman Sir Howard Davies told shareholders the banking group would keep them posted on any plans to move to England if another vote on separation was called. Picture: PA

“Before the last referendum, we said RBS would continue its support for Scotland but would move its registered office to London.

“If there is a second referendum, we will keep you informed of any contingency plans we might put in place.”

At the AGM yesterday the lender defended pay schemes for its top bosses, plans to axe branches and its failure to establish a shareholder committee.

Speaking at the companys AGM, chairman Sir Howard Davies told shareholders the banking group would keep them posted on any plans to move to England if another vote on separation was called. Picture: PA

RBS bosses hit back after facing criticism from investor advisory groups, including Institutional Shareholder Services (ISS), which urged investors to oppose a new RBS remuneration policy on the grounds that its efforts to reduce pay awards were not “sufficient”.

Under the new pay plan, chief executive Ross McEwan would be eligible for a long-term award of 175 per cent of his salary and finance chief Ewen Stevenson 200 per cent, both a decrease from the previous 400 per cent.