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CABLE: BANKS WILL GO.

CON-DEM Business Secretary Vince Cable yesterday repeated his claim that big financial firms will leave Scotland after a Yes vote. In a speech at Glasgow University, where he studied and lectured, he said banks would have to "decamp" because Scotland would not have a "lender of last resort" to bail them out if they got into trouble.

Cable added that Scots-based banks had assets worth 12 times more than all the goods and services Scotland produces in a year, and there was a joke about "a small country with a big bank attached".

A spokesman for Finance Secretary John Swinney rejected Cable's claims. He said independence would allow Scotland to build "a more productive and secure economy", and the Tories' threat to leave the EU was the real threat to business.

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Publication:Daily Record (Glasgow, Scotland)
Geographic Code:4EUUK
Date:Mar 14, 2014
Words:138
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