Banking on English lifeline

One has to ask what country, and indeed what planet, Lawrence McDonald (letters, April 10) has been on for the past few years.

He states that the choice facing Scotland on September 18 is to remain as a “service region to Westminster – providing useful backup for future financial disasters...”.

This is fairly typical of the independence campaign where facts are blatantly glossed over, or indeed totally omitted, and the mantra of “Vote Yes and everything will smell of roses” is prevalent.

Can I just remind Mr McDonald that were it not for Westminster and the Bank of England bailing out the Scottish banks, they would have been totally destroyed with the loss of many thousands of jobs. Royal Bank of Scotland and Lloyds TSB would no longer be in existence.

An independent Scotland will not be able to offer the same level of rescue as it has no institution like the Bank of England and it is therefore likely that, in order to retain the same level of support, the banks and other financial institutions will have to relocate to England. There will be no need for Scotland to provide for a financial disaster as there will be no financial institutions left north of the border to cause one – they’ll be where the money is to back them up.

And how will we pay for the benefits that the thousands of ex-bankers will be applying for because they won’t be able to afford to relocate?

Vote Yes and see Scotland’s finance industry destroyed and our taxes rise to pay for it all.

Alistair Martin

Whytbank Row

Clovenfords