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Cameron: Scottish financial firms could lose 90% of clients

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Cameron: Scottish financial firms could lose 90% of clients

Prime minister David Cameron is set to warn that Scotland’s financial services could lose 90% of their business if the country becomes independent.

In a speech to the CBI Scotland conference in Glasgow, Cameron will today claim that 90% of Scottish financial services’ customers live in England, Wales and Northern Ireland, which will be at risk if the Scottish people vote ‘yes’ to the independence referendum in September.

According to the Guardian, Cameron is set to say: ‘This is one of the oldest and most successful single markets in the world. Scotland does twice as much trade with the rest of the UK than with the rest of the world put together- trade that helps to support one million Scottish jobs.

‘For some industries, the proportion of trade with the rest of the UK is even higher- 90% of Scottish financial services’ customers are in England, Wales and Northern Ireland.’

Cameron will claim that this is a result of a large domestic market underpinned by a common currency, taxes, rules and regulations with no borders, transaction costs or restrictions on investment or people.

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