RBS Plans London HQ If Scotland Leaves Union

The Royal Bank of Scotland is drawing up plans to relocate to London if Scotland votes Yes in the independence referendum next week.

Lloyds Banking Group, which includes Halifax and Bank of Scotland, also has plans to set up new "legal entities" in England just a week before the vote.

And pensions and insurance firm Standard Life has also advised investors it is "planning for new regulated companies in England to which we could transfer parts of our business if there was a need to do so".

A spokesman for the Treasury confirmed that RBS had been in contact over its plans and added Lloyds' contingencies were "understandable".

David Cameron has hit the campaign trail in Scotland

The spokesman said: "As you would expect, RBS have also been in touch with us and have similar plans to base themselves in London.

"Lloyds' contingency plan to relocate to London in the event of a yes vote is understandable.

"As a general matter, the Government believes any company should be free to choose where to locate its base, in the light of what best suits the stability and competitiveness of its business."

The latest poll shows Alex Salmond's Yes campaign is lagging behind again

A spokesman for Lloyds - which also includes Scottish Widows where David Cameron made a plea on Wednesday for Scotland to remain within the Union - said concerned customers and stakeholders had contacted it about its plans.

The spokesman said: "While the scale of potential change is currently unclear, we have contingency plans in place which include the establishment of new legal entities in England.

"This is a legal procedure and there would be no immediate changes or issues which could affect our business or our customers.

The referendum takes place on September 18

"There will be a period between the referendum and the implementation of separation, should a Yes vote be successful, that we believe should be sufficient to take any necessary action."

First Minister Alex Salmond, who leads the Yes campaign, said the idea that Standard Life would leave an independent Scotland was "scaremongering".

RBS, which has its headquarters at Gogarburn in Edinburgh, employs around 12,000 people in Scotland.

With just a week to go until the referendum, the latest poll has suggested the No campaign has experienced a resurgence.

The Survation poll of decided voters, published by the Daily Record, gave the No campaign a six-point lead with 53% of the vote.

It comes as Westminster heavyweights David Cameron, Ed Miliband and Nick Clegg hit the campaign trail across Scotland.

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