‘RBS may have to move to England’

The Royal Bank of Scotland and other Scottish-based financial firms might have to move their headquarters to England if Scotland becomes independent and joins the EU, Bank of England governor Mark Carney said yesterday.

Mr Carney said if Scotland chose to break away from the rest of the UK at a September 18 referendum, EU law stipulated it would need to guarantee deposits in England and Scotland where many have their largest customer bases.

Scotland is home to the second-largest financial services industry in the UK, accounting for about 150,000 jobs and making up about 12.5% of Scottish GDP.