#AceFinanceNews – SCOTLAND – September 19 – The Royal Bank of Scotland (RBS) won’t be moving now that Scotland voted against separation.
“The announcement we made about moving our registered head office to England was part of a contingency plan to ensure certainty and stability for our customers, staff and shareholders should there be a ‘Yes’ vote,” says a company statement. “That contingency plan is no longer required.”
#AceFinanceNews – BRITAIN – April 10 – The UK would need longer to recover its triple-A debt rating if Scotland gains independence after a referendum in September, Fitch said on Thursday.
Scottish independence would raise the ratio of the UK’s gross public debt to gross domestic product, Reuters said.
“The UK’s gross debt ratio will need to be lower than its current level and steadily declining before any upgrade back to AAA, a prospect that would be delayed by such a debt shock,” according to the ratings agency.
Telegraph Reported on March 20 – Britain’s public sector net debt will need to fall before the country can regain its top-notch triple-A sovereign debt rating, ratings agency Fitch said on Thursday, a day after finance minister George Osborne’s annual budget http://www.telegraph.co.uk/finance/economics/10712316/UK-not-close-to-regaining-triple-A-rating.html
“The public debt ratio will need to be lower and steadily declining before any upgrade to ‘AAA’. This is unlikely in the near term,” Fitch said in a statement.
Fitch currently rates Britain AA+, one notch below triple-A, with a stable rating.
Government forecasts released showed that Britain’s public sector net debt is expected to rise over the coming years and is not forecast to fall below its current level of around 74.5pc of GDP until the 2018/19 financial year.
It means that only Standard & Poor’s has the UK on the top rating, albeit on “negative outlook”.
#AceFinanceNews Billionaire financier George Soros said Wednesday it would not be practical for an independent Scotland to keep sterling.
“I don’t think that Scotland leaving and becoming independent and yet remaining part of sterling and the Bank of England is actually practical,” Reuters quoted Soros as saying.
However, he warned that an independent currency would be “very inefficient and potentially dangerous.” The alternative for Scotland would be to become part of the Eurozone, he said.