RBS would move HQ out of Scotland in event of independence

The Royal Bank of Scotland would move its registered office out of Scotland if the country were to vote in favour of independence.

The bank’s chief executive, Ross McEwan, told the BBC in an interview: “We'd have to make the same moves I suspect because the Royal Bank of Scotland, being domiciled in Scotland, would just be too big for the economy, even in the shape that we're building."

However, he stressed that this would not have any impact on the bank’s 12,000 employees in Scotland.

“That's around the [brass] plaque, it's not about where our people are because we have a very big business up here in Scotland.”

When questioned about what he would say to First Minister Nicola Sturgeon if she wanted his opinion on the impact of a second independence vote, McEwan said: “Just take account of uncertainty - that's what you're seeing after Brexit.

"It's uncertainty that slows markets down. Make sure the long game's worth it. But that's going to be up to the people of Scotland."

Scottish Labour Business Manager James Kelly said: "This intervention once again makes clear that being part of the UK is good for jobs, business and the economy in Scotland."

Sturgeon has vowed to explore all the options to keep Scotland in the European Union but said a second vote on independence was highly likely.