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Scottish independence: A tale of two financial centres

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'Bolshy populace'

But the City of London stands to gain too in the event of independence, according to Sir Martin Jacomb, former chairman of insurer Prudential and of BZW, Barclays' first foray into investment banking.

"London will become somewhat busier than it was before," he says. "Some Scottish businesses and also Scottish people will move."

Writer Nicholas Shaxson also thinks the City of London could benefit from an independent Scotland, although by less high-minded means. He is author of Treasure Islands, a book about tax havens. One of the City's big businesses is helping companies and the wealthy pay less tax, he says.

"Scottish people have always been vibrant contributors to British democracy, and history has shown that one thing the City doesn't like very much is democratic demands from a big and bolshy populace.

"A reduction in the UK population would lessen democratic pressures, somewhat, and make the UK look still more like a tax haven than it already is."

Who knew?  

So it's better for the UK economically to not have to carry Scotland?

Net net not sure either way.

No one is. That's why this election is more about emotion than economics. 

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