Lex in the FT on why Scottish independence would mean essentially all of the financial services sector would leave Scotland.
They make a pretty simple case: financial institutions need a good credit rating. To be tied to a sovereign that does not have one would negatively impact their rating. This would increase their cost of borrowing and make them uncompetitive globally.
Not about emotion and not good for Scottish jobs,
Lloyds Bank, RBS, TSB and Clydesdale have all said they would relocate their HQs to London if the Scots vote Yes in the independence referendum. Lex's Oliver Ralph and Joseph Cotterill wonder if this is such a great surprise and what Scotland should do.