HSBC Chairman Enters Indy Debate

Douglas Flint warns against a 'yes' vote in September over fears for the UK's currency union.

HSBC's chairman is warning the Scottish economy would be badly hit if people vote for independence at next month's referendum.

Writing in the Daily Telegraph, Douglas Flint says leaving the UK's currency union would be "fraught with danger" for Scotland.

Writing about using the pound as Panama uses the US dollar, Douglas Flint says that Scotland's fiscal policy would have to be permanently constrained, leading to cuts to our spending on public services like our NHS.

Ian Murray, MP for Edinburgh South and Shadow Business Minister said:

"This is another hugely experienced expert who has underlined the currency chaos which has plagued Alex Salmond’s campaign.

"When a voice such as Douglas Flint’s warns of the risks of money leaving a separate Scotland to somewhere safer, you pay attention.

"With just days to go until up to a million Scots start voting by post, Alex Salmond is running out of time to name Plan B.

"Using the pound without any formal currency union would mean to cuts to our public services higher costs for Scottish families of things like credit card bills, car loans and mortgage costs. It would risk the livelihoods of millions of people in Scotland.

"Alex Salmond's lifelong quest for independence at all costs would harm Scotland, cost jobs and create economic uncertainty.

"Alex Salmond has spent his entire political career campaigning to break up the UK. With days to go, he needs to name Plan B on what would replace the pound."