Scotland politics

Scottish independence: Lloyds boss on vote 'uncertainty'

Lloyds Image copyright Reuters
Image caption Lord Norman Blackwell said Lloyds were not currently making plans to leave Scotland in the event of a "Yes" vote.

The chairman of Lloyds Banking Group has said the Scottish independence referendum is creating "uncertainty" in the sector.

But Lord Norman Blackwell said the Edinburgh-registered group was not currently making plans to leave Scotland in the event of a "Yes" vote.

He said this was because the bank did not know what the result would be, or how it may impact on industry changes.

Voters in Scotland go to the polls in the referendum on 18 September.

Lord Blackwell told shareholders at the Lloyds annual general meeting in Edinburgh: "The matter around Scottish independence is a matter for the Scottish electorate and Lloyds as a group does not have a corporate view on that.

"We have set out that there are uncertainties created for everyone in advance of the referendum and those uncertainties to the bank translate into risks around what the compliance regime will be, what the tax regime will be, the funding structures."

He added: "We are not at this point planning any moves because we don't know what the result will be or how any result will translate into changes in the regulatory environment or governance."

Lord Blackwell said that, in the event of a "Yes" vote, the bank would "seek to work with all the relevant authorities to ensure that we had a way forward that helped us to keep our core purpose, which is to serve our customers across the UK as effectively as we can".

His comments came after Standard Life, which has had its headquarters in Scotland for 189 years, said it would consider moving parts of it business elsewhere in the event of Scottish independence.

RBS chief executive Ross McEwan previously said the bank could "adapt" in the event of a "Yes" vote.