Some Quick Questions.

[Glasgowmancity]

With a day to go, I have some questions for the yes campaign that still seem to be unanswered.

1. In iScotland, who will print currency as all 3 institutions with a license to print currency are currently stating that they will move their registered office’s to England (this will mean they no longer hold the license to print currency in Scotland)
2. If we use the pound, but have no control over interest rates, will iScotland put anything in place to assist Scottish borrowers if the BOE rates were to rise dramatically?
3. If we don’t use the pound & therefore mortgage payments will be subject to both interest rate & exchange rate fluctuations that we have no control over will anything be put in place to cushion this risk?
4. Will repossession laws go the way they are in England, as the mortgages are with English companies, or will Scottish Law still protect Scottish borrowers as they do just now?
5. Who will run taxation matters in iScotland?
6. Will there be any cross border taxation polices put in place to assist people who regularly work in both iScotland & rUK?
7. How will tax matters work for the 16/17 tax year as there will be 2 different tax regimes in the one tax year?
8. Will iScotland still run the CIS scheme?
9. Will our taxation system be based on the current UK system?
10. Why are so many big businesses and large financial institutions saying the Independence is a bad idea?

If anyone can answer any of these points, that would be great.

[WeLuvIrnBru]

As far as I am aware none of these questions can be answered by the SNP, by the British Government or by anyone else just now. In the event of YES (which I am hopeful for), that is why there is an 18 month negotiation period to thrash these things out.

Although on point 10 - Why are so many big businesses and large financial institutions saying the Independence is a bad idea? - as many large companies and financial institutions have come out to BACK independence! Also re, banks - eg RBS - they have comformed there will be no job losses.

It really annoys me that the Better Together campaign and the UK Goverment have taken so many statements out of context and twisted the wording.

The Yes campaign is not blameless is scaremongering, etc. but nowhere near the extent of the Better Together side.

WE CAN DO THIS - YES!!!!!

[Glasgowmancity]

As far as I am aware none of these questions can be answered by the SNP, by the British Government or by anyone else just now. In the event of YES (which I am hopeful for), that is why there is an 18 month negotiation period to thrash these things out.

This is precisely why there is no way I can vote yes - all of these issues (bar maybe number 10) effect my daily life & business. With no certainty over what might happen, I'm being asked to put my family, my staff & myself at risk - that is really not a chance I can consciously take.

Although on point 10 - Why are so many big businesses and large financial institutions saying the Independence is a bad idea? - as many large companies and financial institutions have come out to BACK independence! Also re, banks - eg RBS - they have comformed there will be no job losses.

What large financial institutions have BACKED independence? I also agree that RBS have said there'll be no immediate job losses, but that wasn't my point.

[Jaggy Jim]

Re point 10. Other than the ridiculously over the top statement from Deutsche Bank, written by a mate of Cameron's, I'm not aware of any company that has said independence is a bad idea. Some have quoted the risks as they are required to do by reporting and accounting standards, but that's very different from saying independence is a bad idea.

[Glasgowmancity]

Re point 10. Other than the ridiculously over the top statement from Deutsche Bank, written by a mate of Cameron's, I'm not aware of any company that has said independence is a bad idea. Some have quoted the risks as they are required to do by reporting and accounting standards, but that's very different from saying independence is a bad idea.

I would suggest that putting in place plans to move your registered office probably means you don't think it's a good idea. I could be wrong about that though as it's just my opinion

[mariokempes56]

They're moving the reg office as its required by law (in the case of it being a different country). Does not mean all the jobs will go also.

Edit : why do they all say its bad ? (maybe they had a wee word from DC re regulations/HOL positions etc...) these big bosses couldn't give a fuk about the ordinary people.

Edited September 17, 2014 by mariokempes56

[Glasgowmancity]

They're moving the reg office as its required by law (in the case of it being a different country). Does not mean all the jobs will go also.

NO but it does mean they can't print currency, so who will?

[Jaggy Jim]

This is precisely why there is no way I can vote yes - all of these issues (bar maybe number 10) effect my daily life & business. With no certainty over what might happen, I'm being asked to put my family, my staff & myself at risk - that is really not a chance I can consciously take.

And that's exactly why the UK govt refused to pre-negotiate! Create uncertainty and then campaign on it.

What large financial institutions have BACKED independence? I also agree that RBS have said there'll be no immediate job losses, but that wasn't my point.

No Scottish based financial institutions have come out one way or the other officially as far as I know. However, there are chief execs that have said they will vote Yes personally.

http://www.businessforscotland.co.uk/financial-giant-backs-independent-scotlands-economy-to-succeed/

[redstevie007]

I would suggest that putting in place contingency plans to move your registered office probably means you don't think it's a good idea. I could be wrong about that though as it's just my opinion

contingency

[ kənˈtɪndʒ(ə)nsi ]

noun

1. a future event or circumstance which is possible but cannot be predicted with certainty:
   "a detailed contract which attempts to provide for all possible contingencies"
   synonyms: eventuality · (chance) event · incident · happening · occurrence ·

   juncture · possibility · accident · chance · emergency · uncertainty · fortuity

   More
2. a provision for a possible event or circumstance:

In other words, a perfectly sensible course of action for any business where the outcome of any change is still under discussion.

[adamntg]

2. If we use the pound, but have no control over interest rates, will iScotland put anything in place to assist Scottish borrowers if the BOE rates were to rise dramatically?

If we stay in the UK and BoE rates rise dramatically we'll just have to suck it up. An iScotland will have the levers required to mitigate this if it wants/needs to.

[sbcmfc]

NO but it does mean they can't print currency, so who will?

Why can't they print money?

I don't think I understand your point.

[Glasgowmancity]

Why can't they print money?

I don't think I understand your point.

To print currency, you need to have a license, to have a license to print Scottish notes you have to be registered in Scotland (this is why when Halifax & BOS merged, they kept their registered office in Edinburgh). If the 3 institutions licensed to print money move to England, no-one will hold a license to print money.

I hope that explains it a bit

[Wine bibber]

With a day to go, I have some questions for the yes campaign that still seem to be unanswered.

1. In iScotland, who will print currency as all 3 institutions with a license to print currency are currently stating that they will move their registered office’s to England (this will mean they no longer hold the license to print currency in Scotland)
2. If we use the pound, but have no control over interest rates, will iScotland put anything in place to assist Scottish borrowers if the BOE rates were to rise dramatically?
3. If we don’t use the pound & therefore mortgage payments will be subject to both interest rate & exchange rate fluctuations that we have no control over will anything be put in place to cushion this risk?
4. Will repossession laws go the way they are in England, as the mortgages are with English companies, or will Scottish Law still protect Scottish borrowers as they do just now?
5. Who will run taxation matters in iScotland?
6. Will there be any cross border taxation polices put in place to assist people who regularly work in both iScotland & rUK?
7. How will tax matters work for the 16/17 tax year as there will be 2 different tax regimes in the one tax year?
8. Will iScotland still run the CIS scheme?
9. Will our taxation system be based on the current UK system?
10. Why are so many big businesses and large financial institutions saying the Independence is a bad idea?

If anyone can answer any of these points, that would be great.

Key words here are so many.!00% wrong you have been duped by a media line .

Only 5 of consequence have been significantly negative

Standard life have 90% of customers/funds in another country .Fair enough.We will fill the gap on Monday

Asda balanced by Morrisons

Deutsche balanced by Aberdeen asset mgt

Virgin balanced by B.A.

B.P. balanced by Statoil

Ten times as many business have come out in support of Independence from street traders to billionaire corporations but the media tries not to highlight these.The crucial point here is that 95 % of business has said nothing at all .They know that things will carry on with success and failure just as they do in other countries in Europe.They are opportunistic enough to grasp change and turn it into a positive

Edited September 17, 2014 by Wine bibber

[Glasgowmancity]

In other words, a perfectly sensible course of action for any business where the outcome of any change is still under discussion.

Surely if they think Independence would be a good thing, they would keep their registered office here? They have a choice, stay where they are or move, logic says moving is more hassle than staying, so why put in place contingency plans to move?

[redstevie007]

To print currency, you need to have a license, to have a license to print Scottish notes you have to be registered in Scotland (this is why when Halifax & BOS merged, they kept their registered office in Edinburgh). If the 3 institutions licensed to print money move to England, no-one will hold a license to print money.

I hope that explains it a bit

See the definition of 'contingency' above. That's what these organisations have done, made contingency plans. These plans won't need to be used.

[ShedTA]

This is precisely why there is no way I can vote yes - all of these issues (bar maybe number 10) effect my daily life & business. With no certainty over what might happen, I'm being asked to put my family, my staff & myself at risk - that is really not a chance I can consciously take.

What large financial institutions have BACKED independence? I also agree that RBS have said there'll be no immediate job losses, but that wasn't my point.

Well its all about change. You will know that change in business comes with inherent risks. But what you have to do is work on those risks and mitigating them . At the end of the day these risks are usually worth taking becasue in business as you will well know that change is usually seen as good when done in a controlled manner.

The key is taking appropriate action to limit the impact of any risk to business and working life. This is what i would trust the scottish government and the uk govt to do.

[adamntg]

1. Who will run taxation matters in iScotland?

Continue with HMRC for a transitional period while a new Scottish tax authority is set up to administer a new tax system to better meet key policy objectives, based on the design principles of a modern efficient system set out by the Fiscal Commission : simplicity, neutrality, stability and flexibility.

[adamntg]

Surely if they think Independence would be a good thing, they would keep their registered office here? They have a choice, stay where they are or move, logic says moving is more hassle than staying, so why put in place contingency plans to move?

Not according to EU rules.

I would be worried about the UK Government not making contingency plans. Are they mental, in denial or just crossing their fingers really hard?

[Glasgowmancity]

1. Who will run taxation matters in iScotland?

Continue with HMRC for a transitional period while a new Scottish tax authority is set up to administer a new tax system to better meet key policy objectives, based on the design principles of a modern efficient system set out by the Fiscal Commission : simplicity, neutrality, stability and flexibility.

Why would HMRC agree to that, or what would they charge for it? Surely outsourcing the collection of & running of tax systems is not a good way to start?

[arabfaetheweej]

With a day to go, I have some questions for the yes campaign that still seem to be unanswered.

1. In iScotland, who will print currency as all 3 institutions with a license to print currency are currently stating that they will move their registered office’s to England (this will mean they no longer hold the license to print currency in Scotland)
2. If we use the pound, but have no control over interest rates, will iScotland put anything in place to assist Scottish borrowers if the BOE rates were to rise dramatically?
3. If we don’t use the pound & therefore mortgage payments will be subject to both interest rate & exchange rate fluctuations that we have no control over will anything be put in place to cushion this risk?
4. Will repossession laws go the way they are in England, as the mortgages are with English companies, or will Scottish Law still protect Scottish borrowers as they do just now?
5. Who will run taxation matters in iScotland?
6. Will there be any cross border taxation polices put in place to assist people who regularly work in both iScotland & rUK?
7. How will tax matters work for the 16/17 tax year as there will be 2 different tax regimes in the one tax year?
8. Will iScotland still run the CIS scheme?
9. Will our taxation system be based on the current UK system?
10. Why are so many big businesses and large financial institutions saying the Independence is a bad idea?

If anyone can answer any of these points, that would be great.

OK, I'll bite and give my thoughts without claiming them all as definitive answers.

1. If there is a CU then this point is largely irrelevant. Either they continue as they are, being based in ENG or the BoE simply prints for the entire CU zone. If we use the pound without a CU then I imagine money will be printed by the Scottish Currency board, which is the first step towards a central bank. An alternative is to give the license(s) to the Scottish subsidiaries of a bank or banks. They would then place deposit with currency board like they do with BoE today.

2. I don't know, i guess it is probably a reasonable idea. I would suggest if this is a major concern then vote for a party that suggests it. I probably would.

3. It has been stated, categorically, that we will be using the pound. Whether a CU, informally or a pegged Scottish Pound. These are fair questions so I would ask (politely) that, if nothing else, you accept this question is not applicable.

4. Not all mortgages are with Scottish banks and the legal systems are already completely separate. What do the T&Cs for a mortgage with Santander or Barclays say? Would be easy for you to find out.

5. The Scottish Parliament will decide taxation. We will need to create a tax collection and admin service. I imagine based in EK for some reason.

6. See answer to 2.

7. I don't know. I don't think it is beyond the ability of human endeavour to come up with something though. Maybe wages earned before indy paid to HMG, after paid to SG. Or all paid to HMG who then rebate SG for the tax collected after indy.

8. I don't know, is it the policy of any party. Again see answer to 2.

9. I would hope it would be a dam sight simpler and more progressive. Again vote for the party who you agree with.

10. Change. If your making plenty profit under one system why would you want to change.

A lot of these seem like questions about policy, the referendum is about the principal of who makes these decisions. If your happy with them being made in Westminster and you feel their decisions create the type of country you want to live in, vote no. If you think Scotland could make better decisions (perhaps considering that our best interests will never be trumped by a larger (x10) partner) and you think this could lead to a country that is more like what you want, vote Yes.

Edited September 17, 2014 by arabfaetheweej

[Glasgowmancity]

Not according to EU rules.

What EU rules?

[redstevie007]

Not according to EU rules.

I would be worried about the UK Government not making contingency plans. Are they mental, in denial or just crossing their fingers really hard?

Utter denial, and have been since the start. I read somewhere a few months ago (might have been the White Paper when I was first getting my head into it) in a Q&A that the MOD were asked 'What plans are in place for the restructuring of the Armed Forces in the event of a Yes vote'. The answer, word for word, I kid you not was 'None, as we don't expect it to happen'. Lunatics man, lunatics

[Glasgowmancity]

OK, I'll bite and give my thoughts without claiming them all as definitive answers.

1. If there is a CU then this point is largely irrelevant. Either they continue as they are, being based in ENG or the BoE simply prints for the entire CU zone. If we use the pound without a CU then I imagine money will be printed by the Scottish Currency board, which is the first step towards a central bank. An alternative is to give the license(s) to the Scottish subsidiaries of a bank or banks. They would then place deposit with currency board like they do with BoE today.

2. I don't know, i guess it is probably a reasonable idea. I would suggest if this is a major concern then vote for a party that suggests it. I probably would.

3. It has been stated, categorically, that we will be using the pound. Whether a CU, informally or a pegged Scottish Pound. These are fair questions so I would ask (politely) that, if nothing else, you accept this question is not applicable.

4. Not all mortgages are with Scottish banks and the legal systems are already completely separate. What do the T&Cs for a mortgage with Santander or Barclays say? Would be easy for you to find out.

5. The Scottish Parliament will decide taxation. We will need to create a tax collection and admin service. I imagine based in EK for some reason.

6. See answer to 2.

7. I don't know. I don't think it is beyond the ability of human endeavour to come up with something though. Maybe wages earned before indy paid to HMG, after paid to SG. Or all paid to HMG who then rebate SG for the tax collected after indy.

8. I don't know, is it the policy of any party. Again see answer to 2.

9. I would hope it would be a dam sight simpler and more progressive. Again vote for the party who you agree with.

10. Change. If your making plenty profit under one system why would you want to change.

A lot of these seem like questions about policy, the referendum is about the principal of who makes these decisions. If your happy with them being made in Westminster and you feel their decisions create the type of country you want to live in, vote no. If you think Scotland could make better decisions (perhaps considering that our best interests will never be trumped by a larger (x10) partner) and you think this could lead to a country that is more like what you want, vote Yes.

Thanks for your answers & no I wasn't fishing as these are the questions that I have been asking for a while. These are the questions/risks that will effect me.

As for your answer to point 4, all mortgages in the UK at the moment are dealt with under English law, but repossessions in Scotland are controlled by Scottish law (which is far better for borrowers)

[Khana Lagur]

With a day to go, I have some questions for the yes campaign that still seem to be unanswered.

1. In iScotland, who will print currency as all 3 institutions with a license to print currency are currently stating that they will move their registered office’s to England (this will mean they no longer hold the license to print currency in Scotland)
2. If we use the pound, but have no control over interest rates, will iScotland put anything in place to assist Scottish borrowers if the BOE rates were to rise dramatically?
3. If we don’t use the pound & therefore mortgage payments will be subject to both interest rate & exchange rate fluctuations that we have no control over will anything be put in place to cushion this risk?
4. Will repossession laws go the way they are in England, as the mortgages are with English companies, or will Scottish Law still protect Scottish borrowers as they do just now?
5. Who will run taxation matters in iScotland?
6. Will there be any cross border taxation polices put in place to assist people who regularly work in both iScotland & rUK?
7. How will tax matters work for the 16/17 tax year as there will be 2 different tax regimes in the one tax year?
8. Will iScotland still run the CIS scheme?
9. Will our taxation system be based on the current UK system?
10. Why are so many big businesses and large financial institutions saying the Independence is a bad idea?

If anyone can answer any of these points, that would be great.

Not sure I can give definitive answers as much will be down to negotiation post-indy.

1) Banks generally don't actually print currency. A company called De La Rue is one of the world's biggest printers of currencies, cheques, bank drafts etc. Banks are licensed to operate banking services in a geographical area, not to print cash.

2) Don't forget that increased rates are good for some people (eg:savers). I'd imagine the BoE's monetary policy committee would 'weight' Scottish input to ensure that an interest rate balance is struck that serves both economies appropriately. Individuals and companies can hedge against interest rate movements.

3) Not sure what you're asking here but why not consider a fixed rate mortgate. Interest rates generally controll local economies. Exchange rates are far more complex in what affects them.

4) I've no idea on this.

5) A Scottish Treasury.

6) Again, negotiation but I can't answer that.

7) There would have to be some kind of common-sense approach. There will likely be a cut-off date between the application of one regime and the next one in the same way a govt can pass a budget measure that isn;t implemented until the following parliament session.

8) No idea. Sure there will be something on some of the big tax advisor website (PwC, Deloitte etc)

9) Hopefully not. Hopefully it will be a simplified flat-rate scheme (shown to encourage payment). Scotland's already said it would look to a simpler system of tax. You only need to look at Butterworths to see how unweildy the UK tax system is.

10) Because they will have cost and procedural changes to bear. It's not a case really of them saying indy is bad, more a case of how do we explain added costs to shareholders etc. It's a grunble rather than a complaint.

Not sure if you're self-employed or not but most of the self-employed people I know live with risk and uncertainty every day. Probably explains why I can find few self-employed people who aren't voting Yes.

[Fred_Zeppelin]

With a day to go, I have some questions for the yes campaign that still seem to be unanswered.

1. In iScotland, who will print currency as all 3 institutions with a license to print currency are currently stating that they will move their registered office’s to England (this will mean they no longer hold the license to print currency in Scotland)
2. If we use the pound, but have no control over interest rates, will iScotland put anything in place to assist Scottish borrowers if the BOE rates were to rise dramatically?
3. If we don’t use the pound & therefore mortgage payments will be subject to both interest rate & exchange rate fluctuations that we have no control over will anything be put in place to cushion this risk?
4. Will repossession laws go the way they are in England, as the mortgages are with English companies, or will Scottish Law still protect Scottish borrowers as they do just now?
5. Who will run taxation matters in iScotland?
6. Will there be any cross border taxation polices put in place to assist people who regularly work in both iScotland & rUK?
7. How will tax matters work for the 16/17 tax year as there will be 2 different tax regimes in the one tax year?
8. Will iScotland still run the CIS scheme?
9. Will our taxation system be based on the current UK system?
10. Why are so many big businesses and large financial institutions saying the Independence is a bad idea?

If anyone can answer any of these points, that would be great.

1 Eh?

2 We have no control over interest rates just now so it's the status quo.

3 We will use the £.

4 Scottish law will prevail, why wouldn't it?

5 The Scottish Government.

6 No idea.

7 From March 2016 you will pay tax to the Scottish Government.

8 No idea.

9 Probably.

10 They're not.