Khana Lagur Posted May 12, 2015 Share Posted May 12, 2015 Repeating it's threat to leave Scotland if another referendum leads to indy. Quote Link to comment Share on other sites More sharing options...
Clyde1998 Posted May 12, 2015 Share Posted May 12, 2015 Bye Bye Standard Life. Quote Link to comment Share on other sites More sharing options...
Bino's Posted May 12, 2015 Share Posted May 12, 2015 They made a threat the other day about greater tax powers. They appear to think that a pensions company can dictate to an entire nation Quote Link to comment Share on other sites More sharing options...
derekfaejapan Posted May 12, 2015 Share Posted May 12, 2015 (edited) Gutted! Hopefully some of the UJ waving ar5eh0les too. Edited May 12, 2015 by derekfaejapan Quote Link to comment Share on other sites More sharing options...
Menschlich Posted May 12, 2015 Share Posted May 12, 2015 The process of turning Scotland into Detroit continues... Quote Link to comment Share on other sites More sharing options...
Bino's Posted May 12, 2015 Share Posted May 12, 2015 The process of turning Scotland into Detroit continues... or alternatively whatever tax powers do change standard life could remain and work within them...who knows, depending on what they are it may work to their benefit Quote Link to comment Share on other sites More sharing options...
aaid Posted May 12, 2015 Share Posted May 12, 2015 Not exactly what they are saying. http://uk.reuters.com/article/2015/05/12/uk-britain-politics-standardlife-idUKKBN0NX1WB20150512 Standard Life (SL.L), one of Scotland's biggest financial institutions, has welcomed the Scottish National Party (SNP)'s success in last week's UK national elections, saying Scottish businesses would benefit from a strong voice in London. The comments from Standard Life Chairman Gerry Grimstone came after the insurer warned about the risks of Scottish independence ahead of a referendum last year, and Grimstone said he would not hesitate to speak out again if needed. The SNP took 56 out of 59 Scottish seats in last week's election, vowing to secure more power for the devolved government in Edinburgh. But the party has said its success does not provide a mandate to seek another independence vote. "We are looking forward very much to having a strong, reasonable Scottish voice in the Houses of Parliament," Grimstone told the company's annual shareholders' meeting on Tuesday. Standard Life had said ahead of last September's referendum it would consider relocating some operations from Scotland in the event voters opted for independence, one of a number of major companies to talk negatively about a "yes" vote. Grimstone said Standard Life would speak out again if faced with a similar position in future. "If we felt that we had to speak up and say something to ensure continuity and stability for the company and customers, we would do so," Grimstone said. "That’s not the position we are in now, but without hesitation, we would speak up." Quote Link to comment Share on other sites More sharing options...
Khana Lagur Posted May 12, 2015 Author Share Posted May 12, 2015 Not exactly what they are saying. http://uk.reuters.com/article/2015/05/12/uk-britain-politics-standardlife-idUKKBN0NX1WB20150512 Standard Life (SL.L), one of Scotland's biggest financial institutions, has welcomed the Scottish National Party (SNP)'s success in last week's UK national elections, saying Scottish businesses would benefit from a strong voice in London. The comments from Standard Life Chairman Gerry Grimstone came after the insurer warned about the risks of Scottish independence ahead of a referendum last year, and Grimstone said he would not hesitate to speak out again if needed. The SNP took 56 out of 59 Scottish seats in last week's election, vowing to secure more power for the devolved government in Edinburgh. But the party has said its success does not provide a mandate to seek another independence vote. "We are looking forward very much to having a strong, reasonable Scottish voice in the Houses of Parliament," Grimstone told the company's annual shareholders' meeting on Tuesday. Standard Life had said ahead of last September's referendum it would consider relocating some operations from Scotland in the event voters opted for independence, one of a number of major companies to talk negatively about a "yes" vote. Grimstone said Standard Life would speak out again if faced with a similar position in future. "If we felt that we had to speak up and say something to ensure continuity and stability for the company and customers, we would do so," Grimstone said. "That’s not the position we are in now, but without hesitation, we would speak up." Reuters.com is not Reuters' UK news desk. It's good at missing important things, like detail. Chairman Gerry Grimstone told shareholders today quite specifically: "Looking forward, if it (question of indy) rose again we would do exactly the same thing. We would look at the facts and if we had to say something to ensure continuity to customers and shareholders we would do it without hesitation." Quote Link to comment Share on other sites More sharing options...
aaid Posted May 12, 2015 Share Posted May 12, 2015 (edited) Reuters.com is not Reuters' UK news desk. It's good at missing important things, like detail. Chairman Gerry Grimstone told shareholders today quite specifically: "Looking forward, if it (question of indy) rose again we would do exactly the same thing. We would look at the facts and if we had to say something to ensure continuity to customers and shareholders we would do it without hesitation." Being pedantic, that's not exactly saying they will threaten to leave if there's another referendum.I'm only being picky on this as, IMHO, the next time around we need to be in a position that companies like Standard Life, etc., aren't in a position to make similar threats. By this I mean that issues like currency, market relations with rUK, etc., are a lot more straightforward are less important as far as the campaign is concerned. Edited May 12, 2015 by aaid Quote Link to comment Share on other sites More sharing options...
Auchinyell Sox Change Posted May 12, 2015 Share Posted May 12, 2015 Scotsman article was suggesting they may offer similar warnings if FFA is in place Quote Link to comment Share on other sites More sharing options...
Khana Lagur Posted May 12, 2015 Author Share Posted May 12, 2015 Being pedantic, that's not exactly saying they will threaten to leave if there's another referendum. I'm only being picky on this as, IMHO, the next time around we need to be in a position that companies like Standard Life, etc., aren't in a position to make similar threats. By this I mean that issues like currency, market relations with rUK, etc., are a lot more straightforward are less important as far as the campaign is concerned. Totally agree with that. The currency issue was effectively their central concern and primary reason for uprooting (RBS also) and that was the context of Grimstone's live remarks (news reports aren't that good at context). I think the SNP can do themselves a huge favour here by having a thorough internal dialogue and nailing down how they present the currency issue next time round. It was a very public fear for many people last time and will probably remain so unless the SNP can come up with a smooth, steady transition plan from sterling to a Scottish pound (probably pegged to sterling for a set period to keep both currencies stable). I'm not sure the SNP really understood that particular 'fear', which was probably one of the few genuine fears bandied about during the indy ref. Having worked in financial markets I totally get finance companies' desire for stability. But like anything, if something has a long enough lead time and demonstrates a clear pathway to change, markets and companies generally react easier. Any risk is fundamentally based on probability and increased probability reduces risk. The fear for Westminster was always centred on protecting sterling's market value and with it the cost of imports and the value of exports. The bluff and bluster that we couldn't use it was just to keep a lid on the markets. The SNP have got time to instigate sensible and timely talks with Westminster over forward currency use. Cameron will know he's in a different game now and may well be willing to agree a sterling plan for any future indy Scotland now that he knows it may well be inevitable. Quote Link to comment Share on other sites More sharing options...
aaid Posted May 12, 2015 Share Posted May 12, 2015 The SNP have got time to instigate sensible and timely talks with Westminster over forward currency use. Cameron will know he's in a different game now and may well be willing to agree a sterling plan for any future indy Scotland now that he knows it may well be inevitable. I reckon that the SNP won't go for another referendum until there's a clear lead in the polls for a consistent period and while I would expect the UK government to campaign against it, I would expect them to have one eye on what would happen after a Yes vote and so would be a lot more pragmatic as it would be in the interests of both parties to have a smooth transition. Quote Link to comment Share on other sites More sharing options...
Jaggy Jim Posted May 12, 2015 Share Posted May 12, 2015 The issue SL have is that 90% of its' policyholders are south of the border and the contracts with them are in sterling, hence the need to register in England. Operations would remain in Scotland. Quote Link to comment Share on other sites More sharing options...
tartandon Posted May 12, 2015 Share Posted May 12, 2015 I was one of their audit team in the late 90s. The vast majority of staff I came across there were utter cockwombles. Quote Link to comment Share on other sites More sharing options...
Squirrelhumper Posted May 12, 2015 Share Posted May 12, 2015 (edited) The process of turning Scotland into Detroit continues... Do we get their music? If so I'm all for it. Edited May 12, 2015 by Squirrelhumper Quote Link to comment Share on other sites More sharing options...
Dillinger Posted May 13, 2015 Share Posted May 13, 2015 Why do we continue to give a f.uck what these c.unts say or think? After 2008, bankers are literally the last people whose opinion I would trust on the economy. Utter snakes. Quote Link to comment Share on other sites More sharing options...
scoobydoo Posted May 13, 2015 Share Posted May 13, 2015 I was one of their audit team in the late 90s. The vast majority of staff I came across there were utter cockwombles. There used to be a whole load of Standard Life employees that went to Scotland games, both at home and away, around that time and they were to a man and woman all good eggs. Quote Link to comment Share on other sites More sharing options...
Dalgety Bay TA Posted May 13, 2015 Share Posted May 13, 2015 Why do we continue to give a f.uck what these c.unts say or think? After 2008, bankers are literally the last people whose opinion I would trust on the economy. Utter snakes. Standard Life aren't bankers. As said earlier in the thread, I am pretty sure it would be a case of them legally registering the company in England if they were ever to follow through on their threats. The logistics of relocating 5000+ jobs from Edinburgh, having to find suitable premises down South and the ensuing costs, having to pay a sh1t load of redundancies or relocation costs, hiring x amount of staff down South on probably higher salaries while continuing to offer a business as normal service to their clients is not in any way in the best interests of their clients cost wise or business wise. Quote Link to comment Share on other sites More sharing options...
Charlie Endell Posted May 13, 2015 Share Posted May 13, 2015 ^^^ Bang on, DB. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted May 13, 2015 Share Posted May 13, 2015 Standard Life aren't bankers. As said earlier in the thread, I am pretty sure it would be a case of them legally registering the company in England if they were ever to follow through on their threats. The logistics of relocating 5000+ jobs from Edinburgh, having to find suitable premises down South and the ensuing costs, having to pay a sh1t load of redundancies or relocation costs, hiring x amount of staff down South on probably higher salaries while continuing to offer a business as normal service to their clients is not in any way in the best interests of their clients cost wise or business wise. Precisely. Finacial services companies locate in Edinburgh primarily as it is cheaper and easier to do so, if they dont need to have a London presence. I would like to see them explain to their shareholder that they were spending millions off the profits to relocate just because they dont like the SNP. without any visible change to economic circumstances they cant explain it any other way. Quote Link to comment Share on other sites More sharing options...
Flora MaDonald Posted May 13, 2015 Share Posted May 13, 2015 Standard Life aren't bankers. As said earlier in the thread, I am pretty sure it would be a case of them legally registering the company in England if they were ever to follow through on their threats. The logistics of relocating 5000+ jobs from Edinburgh, having to find suitable premises down South and the ensuing costs, having to pay a sh1t load of redundancies or relocation costs, hiring x amount of staff down South on probably higher salaries while continuing to offer a business as normal service to their clients is not in any way in the best interests of their clients cost wise or business wise. This. Quote Link to comment Share on other sites More sharing options...
Charlie Endell Posted May 13, 2015 Share Posted May 13, 2015 Following the changes to the pension rules they're so overloaded my old dear can't even get through to them to discuss her pension, so goodness knows what sort of mess they'd be in if they decided to relocate several thousand staff. Quote Link to comment Share on other sites More sharing options...
neilser Posted May 13, 2015 Share Posted May 13, 2015 (edited) Edit Edited May 13, 2015 by neilser Quote Link to comment Share on other sites More sharing options...
neilser Posted May 13, 2015 Share Posted May 13, 2015 (edited) I was one of their audit team in the late 90s. The vast majority of staff I came across there were utter cockwombles. Standard Life have come out with this type of threat so often that no-one believes them. It's the corporate equivalent of a teenager refusing to tidy their bedroom... I had a pal who worked for them in Edinburgh in the the late 80s/early 90s. He said there were quite a few decent folk but the majority of folk he worked for were nobs. Didn't help that the job he did was the dullest imaginable, involving calculating life insurance policy proposals by consulting actuarial tables and then getting your work 'marked' by a more senior bean counter. Edited May 13, 2015 by neilser Quote Link to comment Share on other sites More sharing options...
Pool Q Posted May 13, 2015 Share Posted May 13, 2015 Concern about the currency issue is very real amongst those running businesses based in Scotland that operate extensively in the rest of the UK. I don't doubt that many are of a pro-Union bent on a personal basis, and that they exploit this question on that basis, but it (ie the currency issue) is a genuine concern and one that was never really persuasively addressed during the referendum campaign. Thankfully Sturgeon and the SNP now have time to take a grown up look at this and hopefully reach a sensible solution in advance of a future referendum. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.