UK liable for Scotland’s banks in a future crisis

Taxpayers in the rest of Britain would be forced to bail out Scottish banks in the event of future crises, under independence plans published on Tuesday.

The Bank of England would become the lender of last resort for an independent Scotland, the Scottish Nationalist Party announced in its long-awaited White Paper.

As a result, both Lloyds Banking Group and the Royal Bank of Scotland, both domiciled in Edinburgh, could theoretically call on support from taxpayers in England, Wales and Northern Ireland, even if Scotland were to go it alone.

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