Interesting to see what might happen post Brexit if Scotland does become Independent and stays in the EU. London has been a great place for International companies to set up shop to access the EU market and labor force...I wonder if they will simply relocate to Scotland? England only business matters could also be handled from within Scotland itself.
Of course the obvious corollary is that much of Scotland's existing banking/corporate HQ sector does far more business in the rest of the UK than in Scotland, and some of those divisions might need or wish to relocate to somewhere in the rest of the UK rather than stay in a newly independent country of 5 million people that hasn't fully sorted out divorce terms with the UK never mind developed trade links with the rest of the world.
Where EU links matter, a newly independent Scotland that might join the EU is a far less attractive destination than many other nations whose EU membership and other trade relationships already exist. Where EU links are less important, London has the considerable advantage of network effect, access to the 55 million remaining Brits under English law and regulations, and by then at least some idea of what its trade policy with the rest of the world might look like. Can't see the SNP wanting to start a corporate-tax cutting race to the bottom either.
Those Scots that (with considerable justification) are very unhappy that the rest of the UK voted them out of the EU with all the uncertainty and damage to trade that entails might want to consider that the same arguments apply to leaving the UK. And Scotland does a lot more business with the rest of the UK than the EU
True but it is a different legal system. London is used because everyone knows and likes the English legal system and the English courts. Scottish courts and the Scottish legal system aren't worse, just different. Wanting to do business with a contract using Scots law is a bit like trying to raise VC while incorporated in Maine. Nothing wrong with it, just not the way everyone is used to. The Scottish legal community has nothing like the density of commercial lawyers or the experience.
Not saying it wouldn't be doable for some businesses. If however your business relies on doing anything new/innovative in a legal sense then that is one reason why London is an attractive to be based. That is a big part of why "The City" is such a force, and legal services are a decent chunk of the UK's service exports.
It's true that there's a lot of advantages to English laws but we see a lot of companies using Scotland anyway for its Scottish Limited Partnerships which have a lot of tax/ownership advantages.
I'm sure there will be considerable debate and potential change to our commercial law if independence goes ahead. To my mind it's a huge commercial opportunity.
