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TheBlueCat

Money Leaving Scotland

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I moved to Canada 3 years back on a temporary basis but it's now looking like I'm going to end up staying for quite a while longer. This raises the question of what I do with my pension investments in the UK, about 2/3rd of which are in a Standard Life SIPP. I had previously decided to do nothing since I'm a good few years off retirement and there's no pressing investment, tax or legal reason to change anything. Anyway, then Alex Salmond said this:

Scotland could walk away from its share of the UK's debts if the Westminster government refuses to come to "a rational and considered agreement".

http://www.telegraph.co.uk/news/uknews/scotland/10012641/George-Osborne-Independent-Scotland-with-pound-would-have-say-over-English-economy.html

I had one of those 'oh shit' moments where I realised that Scotland could, quite conceivably, choose to go independent and be lead by someone that's prepared to walk away from its debts. If it's prepared to do that, then what next? Argentinian style pension fund sequestration? Or maybe just sequestration of funds owned by English people in recompense for 300 years of oppression? Who knows but, either way, it's not a risk I'm prepared to take so I just posted off the forms to transfer everything to a Canadian RRSP.

Financial confidence is very fragile and, once it's gone, it doesn't come back in a hurry.

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I had one of those 'oh shit' moments where I realised that Scotland could, quite conceivably, choose to go independent and be lead by someone that's prepared to walk away from its debts. If it's prepared to do that, then what next? Argentinian style pension fund sequestration? Or maybe just sequestration of funds owned by English people in recompense for 300 years of oppression? Who knows but, either way, it's not a risk I'm prepared to take so I just posted off the forms to transfer everything to a Canadian RRSP.

Financial confidence is very fragile and, once it's gone, it doesn't come back in a hurry.

Once you start contemplating questions like that, it will eventually come down to "so is this going to be the Czechoslovak or the Yugoslavian model of separation?" Even I am not that pessimistic.

Their population is some 5 million, so the effect is unlikely to be catastrophic for the rest of the UK. Plus it's not as if they can be expected to contribute much tax revenue in any case. Just what would they eat if the first thing they did on unilaterally declaring independence was to default on their debts?

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I moved to Canada 3 years back on a temporary basis but it's now looking like I'm going to end up staying for quite a while longer. This raises the question of what I do with my pension investments in the UK, about 2/3rd of which are in a Standard Life SIPP. I had previously decided to do nothing since I'm a good few years off retirement and there's no pressing investment, tax or legal reason to change anything. Anyway, then Alex Salmond said this:

http://www.telegraph.co.uk/news/uknews/scotland/10012641/George-Osborne-Independent-Scotland-with-pound-would-have-say-over-English-economy.html

I had one of those 'oh shit' moments where I realised that Scotland could, quite conceivably, choose to go independent and be lead by someone that's prepared to walk away from its debts. If it's prepared to do that, then what next? Argentinian style pension fund sequestration? Or maybe just sequestration of funds owned by English people in recompense for 300 years of oppression? Who knows but, either way, it's not a risk I'm prepared to take so I just posted off the forms to transfer everything to a Canadian RRSP.

Financial confidence is very fragile and, once it's gone, it doesn't come back in a hurry.

I am reading this as negotiating positions, there is a big awareness that London is big and holds a lot of cards and is quite happy to play dirty. Salmond is pretty astute at putting forward positions to lead his opponents on.

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I moved to Canada (... )

The safer strategy is always diversification.

Canada is not a 100% safe bet either. Diversify.

I am reading this as negotiating positions, there is a big awareness that London is big and holds a lot of cards and is quite happy to play dirty. Salmond is pretty astute at putting forward positions to lead his opponents on.

+ 1

Salmond has a big advantage over Cameron, he and his Scottish colleagues plan and think about independence about 90% of their time, whilst Cameron has many other worries, and just 1 minister trying to stop the Scottish government.

. . .

I think I'll put a few bob on Salmond wining that referendum. :D

Edited by Tired of Waiting

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To be honest we have over a year of major spin/bulls**t to go so expect a lot more daft statements and reports.

If it gets to stupid the major financial players will just relocate their head office from being based in Scotland to being based in London and transfer all their asset management to England so protecting their investors.

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I am reading this as negotiating positions, there is a big awareness that London is big and holds a lot of cards and is quite happy to play dirty. Salmond is pretty astute at putting forward positions to lead his opponents on.

Walked through Smithfield in the week, small plaque on the wall where Wiliam (aka Mel Gibson) was hung and drawn and quartered. Apt I thought. Easy to 'look' astute when you are a local councillor with a big salary.

Many of my friends in Scotland with businesses say inward investment drying up and anyone with half a brain will vote no.

But we all know that in the UK as whole the average per voter is less than half a brain so who knows.

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I am reading this as negotiating positions, there is a big awareness that London is big and holds a lot of cards and is quite happy to play dirty. Salmond is pretty astute at putting forward positions to lead his opponents on.

You're probably right of course, but that isn't really the point. As someone faced with protecting a very substantial sum of cash (for me at least), I'm always on the lookout for those black swan events that could mean I lose the lot. It's one of the many reasons I don't have all my pension investments with a single firm for example. And you can bet that if I'm worried, there's a lot of people with a lot more money than me who are too.

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The safer strategy is always diversification.

Canada is not a 100% safe bet either. Diversify.

Believe me, I'm Mr f*cking diversity when it comes to investments. Right now though, none of the next likely Ontario premiers is saying that we should go independent of Canada oh, and by the way, they can keep the whole of the federal debt. Now, if I lived in Quebec I would have a somewhat different opinion!

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Walked through Smithfield in the week, small plaque on the wall where Wiliam (aka Mel Gibson) was hung and drawn and quartered. Apt I thought. Easy to 'look' astute when you are a local councillor with a big salary.

What local council? Does Smithfield have a council or is it all London?

Many of my friends in Scotland with businesses say inward investment drying up and anyone with half a brain will vote no.

But we all know that in the UK as whole the average per voter is less than half a brain so who knows.

Interesting anecdotal. I dont think anyone can say what voting intentions are like now let alone in a year and a half, there is so much misinformation flying around.

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Give me back my sporran, Londoners! :o:lol:

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so will glascow and the rest of scotland vote for independence and edinburgh vote no. in the no camps favour salmond and his running mate look like a bag of spanners, elections are almost always won by the good looking candidate. very broad generalisation, but so what.

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so will glascow and the rest of scotland vote for independence and edinburgh vote no. in the no camps favour salmond and his running mate look like a bag of spanners, elections are almost always won by the good looking candidate. very broad generalisation, but so what.

So you reckon Alistair Darling and Johann Lamont have the edge here?

darling.jpg

Lamont.jpg

post-13891-0-91004200-1367181488_thumb.jpg

post-13891-0-90324100-1367181505_thumb.jpg

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  • 243 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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