Bank Of England Would Have Supported Scottish Banks after all, post Scottish vote!
The Bank of England was ready to flood the financial markets with millions of pounds of emergency funding if Scotland had voted to break away from the UK in last month’s referendum.
Outlining the contigency plan that would have been rolled out in the event of a “yes” vote, the Bank of England was also ready to stand behind bank notes issued by Scottish banks in an attempt to reassure customers that there would be no immediate changes.
“Under current arrangements, Scottish banknotes are backed fully by their issuers’ holdings of Bank of England notes, UK coin and deposits at the Bank of England. This would have been a key public message in the event of a ‘yes’ vote,” the Bank of England said.
These details were released by the Bank’s financial policy committee, set up by the coalition in the wake of the 2008 crash – show the extent of the planning that had been put in place ahead of the referendum. In the event, Scotland had alleged vote rigging to help it stay in the United Kingdom, watch this space.
So there we have it the Yes campaign was telling the truth and the NO MOB was making it as they went along with operation FEAR to scare businesses and the old and frail, how can the labour party in Scotland ever be trusted again?