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Barclays Bank ‘could make it work’ under independence

Barclays Bank chief executive Antony Jenkins.
Barclays Bank chief executive Antony Jenkins.

The campaign for Scottish independence has been given a major boost when the chief executive of Barclays Bank said the result would not affect its operations in Scotland.

Antony Jenkins said he did not have a personal opinion on whether a Yes vote would be good or bad for the bank, but that Barclays “could make it work” whatever the result.

Asked his opinion on Scottish independence, Mr Jenkins said: “That’s a matter for the Scottish people to decide we think we can make it work either way as a bank.”

His views were welcomed by SNP Treasury spokesman and MP for Dundee East Stewart Hosie.

He said: “This is a common sense approach from Barclays Bank.

“Of course, they will have technical questions that they will want answered, but they are right this is a decision for the people of Scotland and I very much welcome the chief executive’s comments.”

Mr Jenkins’ comments came a week after Bob Dudley, the group chief executive of BP, said that he had “big uncertainties” about the prospect of Scottish independence.

Although he stressed BP is continuing to invest in Scotland, Mr Dudley said questions over what currency an independent Scotland would use are a concern.

First Minister Alex Salmond has said he wants to keep the pound with Scotland and the rest of the UK agreeing to a formal currency union.

However, Mark Carney, governor of the Bank of England, said Scotland would need to give up a degree of sovereignty which would include giving up full control of monetary policy for such a union to work.

A spokesman for Better Together said Mr Jenkins’ views on Scottish independence are not the same as support for it.

He said: “Mr Jenkins has made it clear that he has no view on the subject.

“However, expert after expert has lined up to dismiss Alex Salmond’s currency plan pointing out the great damage it would cause to our financial services sector.”