Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

Referendum row after HSBC chairman warns of run on the banks

HSBC chairman Douglas Flint has warned of the financial dangers of Scottish independence.
HSBC chairman Douglas Flint has warned of the financial dangers of Scottish independence.

A row broke out last night after the chairman of the UK’s biggest bank warned of a run on the banks in the event of a Yes vote.

Douglas Flint, of HSBC, said uncertainty over which currency Scotland could use “could prompt capital flight, leaving the financial system in a parlous state”.

Pro-UK supporters said when someone like Mr Flint issues a warning “you pay attention”. But independence campaigners said as a donor to the No campaign his views were “hardly surprising”.

Writing in a national newspaper, Mr Flint said Scotland was a partner in “one of the most successful currency unions in history” and that was imbedded in its economic success and financial security.

He said independence supporters were “advocating a giant step into uncertainty”

“At the extreme, uncertainty over Scotland’s currency arrangements could prompt capital flight from the country, leaving its financial system in a parlous state,” he said.

“This could, in turn, place enormous pressure on Scotland’s future fiscal policies.”

Mr Flint said the rejection of a formal currency union by the three main UK political parties was “entirely consistent” with actions taken after the banking crisis to minimise the risk to taxpayers.

He added that an informal currency union would leave Scotland at the mercy of UK monetary policy – “a very odd form of independence”.

Shadow business minister Ian Murray MP 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.”

Ian McDougall, of the pro-independence group Business for Scotland, said: “Given that he is a No campaign donor, Mr Flint’s political views are hardly surprising.

“But impartial experts such as Professor Anton Muscatelli, economist and principal of Glasgow University, have made clear that a currency union between an independent Scotland and the rest of the UK is in the interests of both.

“Voters in Scotland have seen through Westminster’s bluff and bluster over the currency union.”