Thursday, 11 September 2014

Financial Giant - "Independent Scotland Would be a Big Success"


LEADING BANKER SAYS MARKET IMPACT “SEVERELY OVERSTATED”

The Chief Executive of Aberdeen Asset Management, has today said that in his view “an independent Scotland would be a big success”.

Interviewed in the Press and Journal, Martin Gilbert also said:

“Most sensible people now accept that Scotland would be prosperous with either outcome in the current constitutional debate,” and that “A sterling union would be both desirable and highly likely whatever is said in London now…”

His comments come on the same day Sir Angus Grossart, Chairman of Noble Grossart merchant bank, told the FT that some commentary on the referendum’s market impact had been “severely overstated” and people should “stay cool and not panic”.

He added:

"I think it is getting out of hand, a severe overreaction...The FTSE seems perfectly stable today, but to hear some of the comments you almost expect people to be predicting a plague of locusts or mice next.”

In further comments on Scotland’s financial services sector Professor John Kay of the London School of Economics stated on BBC Newsnight:

"I believe they are going to shift their brassplate but that's very different from the operational activities which are taking place in Gogarburn and other parts of Edinburgh at the moment.”

Welcoming the considered interventions from these prominent figures in the finance sector Finance Secretary John Swinney said:

“This is a significant intervention from well-respected figures in the financial services sector.

“As Martin Gilbert says an independent Scotland can and will be a big success. With the powers of independence we can support our economy and ensure continued economic growth.

“And the comments from John Kay and Sir Angus Grossart put the activity of the market and the financial services sector into some very welcome perspective.

“Scotland is one of the wealthiest nations in the world, richer per head than France, Japan and the UK, and with the powers of independence we will use that wealth to ensure all of Scotland will thrive”
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