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Re: jobs/currency/percentage of GDP of finance compared to oil-why does Switzerland, a country with its own currency, a population of 7 million, and no natural resources or comparable industry to Scotland, have no problem being a financial capital? Why is it that they can operate throughout the world with no problem? Why is it, out of the whole EU, they are the only people to legally limit bankers bonuses and pursue an end to bonus culture?
As you asked some questions there I thought I'd try and answer them.
Their currency is pegged to the Euro, they had to implement this to stop people choosing it as a safe haven. They have for some time been considering negative interest rates.
Switzerland as a financial capital? Well strictly speaking it's history is more as a safe haven for assets that you want to keep away from your home countries taxation. They are not a financial capital in the way that London or New York are. Simply put they deal more with stores of money than company stocks and derivatives. Their financial services also include highly paid tax lawyers who specialise in international tax law etc. Partly it is their history of storing wealth and creaming some of the top that has made them rich. They are risk averse and don't gamble on derivatives of sub prime debt, they just make sure that you don't have to keep your money under the mattress. One advantage they have is proximity to other European nations, if you need to literally carry money/wealth across borders to France, Italy, Germany it's easier to get across those borders.
They operate throughout the world without problem because they have looked after their clients money and remained stable. They allow trade across their borders and stay out of political disputes. They have to remain flexible, when Europe tells them to make the banking system more transparent they reluctantly do it, but only once they have informed their clients of the impending changes and the lawyers have set to finding new ways to protect the assets from the local governments.
They limit Bankers bonuses because they are risk averse. They do not want to encourage Bankers to risk the real assets they hold, they prefer ring fencing savings and lending through triple A bonds. But they have the real assets of their customers to play with and we will probably never know how much they hold in assets because their banking sector has always been very secretive.
p.s. Income from the swiss watch industry totalled around £15 Billion last year.
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Airhead
There is so much basic factual misinformation in that it's crazy.
Bank of England, founded by a Scot, is not a government asset. Indeed, it's current strength, holdings have been built up collectively by the UK. It would be the lender of last resort in much the same way the European Central Bank is for the EU. This has nothing to do with tax payers or 'permission' from them, in much the same way that French depositors don't have to ask Germans for permission, and indeed, all are free to set their own corporation taxes depending on the dynamics of their own economy. Why did Britain bail out Ireland? Because so much British money was invested there. Why does this ability or willingness to both invest and support apply to Ireland, but not Scotland?
The 'billions' being removed from the Scottish economy: clear misunderstanding of how corporation tax works. Moving a registered office to London does nothing for the tax liability of the company for the economic activity taking place inside Scotland. i.e fuck all difference. It's like saying NatWest opening a call center in India means the UK loses out on the fucking profit. The RBS has itself rubbished any notion of moving business out of Scotland, LLoyds is already based in London, plus ca change.
Re: jobs/currency/percentage of GDP of finance compared to oil-why does Switzerland, a country with its own currency, a population of 7 million, and no natural resources or comparable industry to Scotland, have no problem being a financial capital? Why is it that they can operate throughout the world with no problem? Why is it, out of the whole EU, they are the only people to legally limit bankers bonuses and pursue an end to bonus culture?
National debt: He fails to mention that despite all the cuts, all the 'in it together hardship' where the MP's have just rewarded themselves with an inflation-beating 10% pay rise for massively increasing the UK's national debt. Scotland has the economic strength to take on debt in the short term transition period to be able to invest in job creation and industry. For a Neo Lib like the the author of this video that's obviously not something he'd countenance.
Anyway. Here's Ireland's take. It makes much more sense and seems to be spoken from a greater degree of impartiality.
https://www.facebook.com/video.php?v=10202639837977316&set=vb.1238705603&type=2&theater