Life insurance firm could quit an independent Scotland

Thu, 27 Feb 2014

A company has revealed its intention to move part of its operations to England, if there is a vote for independence later this year.

This news about Scottish-based Standard Life will come as a setback to first minister Alex Salmond, according to the Daily Telegraph.

The insurance, pensions and savings giant said it was drawing up a contingency plan to transfer operations and personnel from its headquarters in Edinburgh as a "precautionary measure to ensure continuity of our businesses' competitive position".

While Standard Life insisted it would not take a stance on the hotly-debated independence discussion, it insisted this planning was essential to protect its customers and shareholders. 

It is believed a move to London could be on the cards as part of this proposal. 

Standard Life has been based in Scotland for nearly 200 years and employs 5,000 people from the country. However, the overwhelming majority (90 per cent) of its UK customers are based below the border. 

It is also believed the company is not happy with Mr Salmond's plan to use the pound without a formal currency as a backup plan, if the country is not allowed to use it unilaterally. 

This could be because Standard Life is worried it would not be able to find the best staff to work in an independent Scotland if they were unsure about the taxing procedure.

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