Scottish independence: ‘Thousands of jobs will go’

THOUSANDS of financial services jobs could go if Scotland votes for independence because companies will want to move to where most of their business is based, a senior Treasury minister has warned.

Voting for independence 'could put jobs at risk'. Picture: PA

Economic Secretary Sajid Javid told the Scottish affairs select committee that Scots had a “reputation for excellence” in financial services around the world, but this could be put at risk by a Yes vote.

“You always hear a Scottish voice on the trading floor wherever you are in the world,” he said.

He pointed out that Scotland has a “niche expertise” in asset management with an industry worth £750 billion north of the Border, one fifth of the UK share, but with 90 per cent of its customers south of the Border.

“If you were to speak to any asset manager at least privately I think they would tell you they would be very concerned (about) what would happen post independence because 90 per cent of their customers would be based in the rest of the UK and all of a sudden they would be foreign customers in a foreign jurisdiction.”

He added: “My biggest fear is that independence will result sadly in the loss of thousands of Scottish jobs in the Scottish financial sector.”

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