Lloyds Banking Group keeps its options open for move to England
Scotland-based Lloyds Banking Group has left the door open for a move to London amid uncertainty over the future shape of Britain despite Scottish voters' rejection of full independence.
Scotland-based Lloyds Banking Group has left the door open for a move to London amid uncertainty over the future shape of Britain despite Scottish voters' rejection of full independence.
British Prime Minister David Cameron pledged to devolve more power to Scotland and other regions after the referendum made it clear that Scotland wants a greater say on spending and taxation, which could complicate the tax affairs of companies with offices across Britain.
Lloyds, one of five lenders that had warned they could move south in the event of a Scottish vote for independence, said after the vote that it would keep a "significant presence" in Scotland and that it is focused on supporting lending to homebuyers and companies there.
Rival Royal Bank of Scotland, meanwhile, made clear that it had scrapped contingency plans to shift its headquarters to London and National Australia Bank, which owns Clydesdale in Scotland, said it remained fully committed to its operations.
Insurer Standard Life also said it had scrapped plans to move, but the company, founded in Edinburgh in 1829, warned that further constitutional change is likely after the referendum.
"We will consider the implications of any changes for our customers and other stakeholders in our business to ensure their interests are represented and protected," the company said.