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Scottish independence Exclusive: Millions of banknotes sent to Scotland in case Yes vote sparks run on ATMs Scottish independence Exclusive: Millions of banknotes sent to Scotland in case Yes vote sparks run on ATMs
(about 2 hours later)
Britain’s banks have been quietly moving millions of banknotes north of the border to cope with any surge in demand by Scots to withdraw cash following the referendum. David Cameron has made an emotional plea to the people of Scotland to reject independence, telling them that the UK was not just “any old country” and that millions of people would be “utterly heartbroken” if it was broken up.
Sources said the moves have been taking place over the past week or so in order to make sure ATMs do not run out on Friday in the event of a panic reaction to a “yes” vote. There have been some suggestions that people will want to move their money to English banks in the event of an independence vote. The Prime Minister’s appeal came as it emerged that Britain’s banks have been quietly moving millions of banknotes north of the border to cope with any surge in demand by Scots to withdraw cash in the event of a Yes vote.
Sources told The Independent the moves have been taking place over the past week or so in order to make sure ATMs do not run out on Friday in the event of a panic reaction to a “yes” vote. There have been some suggestions that people will want to move their money to English banks in the event of an independence vote.
Bankers stressed there has been no sign yet of any increase in the amount of withdrawals from deposit accounts or ATMs, stressing that there was no need because the Bank of England has pledged to stand behind all accounts for at least 18 months in the event of a “yes” vote.Bankers stressed there has been no sign yet of any increase in the amount of withdrawals from deposit accounts or ATMs, stressing that there was no need because the Bank of England has pledged to stand behind all accounts for at least 18 months in the event of a “yes” vote.
However, concerns about how safe is their cash still linger. It was this that led to RBS and Lloyds last week to reassure customers that they would be moving their registration addresses south of the border.However, concerns about how safe is their cash still linger. It was this that led to RBS and Lloyds last week to reassure customers that they would be moving their registration addresses south of the border.
As a result, part of the banks’ contingency plans has been to ship more cash to secure locations in Scotland in readiness to keep up with the potential increase in demand.As a result, part of the banks’ contingency plans has been to ship more cash to secure locations in Scotland in readiness to keep up with the potential increase in demand.
Sources at major banks said they had been issuing clear instructions to their Scottish branches to reassure customers there was no reason to panic.Sources at major banks said they had been issuing clear instructions to their Scottish branches to reassure customers there was no reason to panic.
One said: “We have seen a big rise in customers coming in and asking us what would happen, but there is no sign of any significant flow of deposits from north to south.”One said: “We have seen a big rise in customers coming in and asking us what would happen, but there is no sign of any significant flow of deposits from north to south.”
Banknotes are made at a Bank of England printer in Debden, Essex, and held in secure depots run by a group of major banks around the country. The money is moved around the country in secure vans under a little-known arrangement called the Notes Circulation Scheme, which informs the Bank if more notes need to be printed.Banknotes are made at a Bank of England printer in Debden, Essex, and held in secure depots run by a group of major banks around the country. The money is moved around the country in secure vans under a little-known arrangement called the Notes Circulation Scheme, which informs the Bank if more notes need to be printed.
Figures from the Bank of England show the number of notes in circulation has been creeping up steadily over the last year. This month there are 62.3 billion notes in the country, compared with 59.8 billion a year ago.Figures from the Bank of England show the number of notes in circulation has been creeping up steadily over the last year. This month there are 62.3 billion notes in the country, compared with 59.8 billion a year ago.
A source at one bank said: “This forms part of our contingency planning. We are, of course, monitoring the situation very closely from hour to hour.”A source at one bank said: “This forms part of our contingency planning. We are, of course, monitoring the situation very closely from hour to hour.”
Meanwhile, a series of major figures in US politics and economics queued up to warn Scots against a “yes” vote through the FT website. Alan Greenspan, former US Federal Reserve chairman, said the economic consequences for Scotland would be “surprisingly negative for Scotland, more so than the Nationalist party is in any way communicating.” As the campaign enters its final 48 hours and polls suggest the outcome is too close to call, the two camps will mount a final drive to win over the dwindling number of undecided voters.
Speaking in Aberdeen, Mr Cameron argued that separation would mean a new currency for Scotland, families separated, pensions sliced up and a border created with England. He said a Scottish exit from the Union would be like “painstakingly building a home – and then walking out the door and throwing away the keys”.
Mr Cameron also struck a note of passion that has been absent from much of the No campaign: “I speak for millions of people across England, Wales and Northern Ireland – and many in Scotland, too – who would be utterly heartbroken by the break-up of the United Kingdom, utterly heartbroken to wake up on Friday morning to the end of the country we love.”
He said the vote would be irreversible, adding: “Independence would not be a trial separation. It would be a painful divorce.”
Tackling his party’s unpopularity in Scotland, he warned of the perils of a protest vote on Thursday. “If you don’t like me, I won’t be here for ever. If you don’t like this government, it won’t last for ever. But if you leave the UK, it will be for ever,” he said.
Mr Cameron also paid lavish tribute to Scots’ contribution to the “greatest example of democracy the world has ever known”, insisting the country had “only become Great Britain because of the greatness of Scotland”.
But Alex Salmond, the First Minister, retorted: “The next time he comes to Scotland it will not be to love-bomb or engage in desperate last-minute scaremongering, and following a Yes vote it will be to engage in serious post-referendum talks in the best interests of the people of Scotland and the rest of the UK, as pledged in the Edinburgh Agreement.”
The Labour leader, Ed Miliband, will spend the next two days on the campaign trail in an attempt to stop the defection of party supporters to the Yes camp. The three main party leaders at Westminster also signed a pledge last night to devolve more powers to Scotland if a No vote prevails.
Meanwhile, a series of major figures in US politics and economics warned Scots against a Yes vote. Alan Greenspan, former US Federal Reserve chairman, said the economic consequences would be “surprisingly negative for Scotland, more so than the Nationalist party is in any way communicating”.
He said their forecasts were “so implausible they really should be dismissed out of hand” and declared there was no way the Bank of England would agree to remain the lender of last resort to an independent Scotland.He said their forecasts were “so implausible they really should be dismissed out of hand” and declared there was no way the Bank of England would agree to remain the lender of last resort to an independent Scotland.
The debate over how an independent Scotland would defend itself will also be reignited today by the publication of an open letter signed by more than 400 former servicemen and women, who claim that leaving the UK would leave the country’s military “irresponsibly weakened”.
The signatories to the joint statement – who include six former heads of the Army in Scotland, 15 generals and 11 veterans of the Second World War – say: “We see no evidence that the SNP’s proposals for the defence and security of an independent Scotland could possibly provide us with a credible, effective defence force capable of securing the interests of Scotland and our people.”
However, another group of veterans backing a Yes vote yesterday issued their own letter stating that the referendum was about Scotland choosing its own future instead of supporting a “self-serving Westminster establishment”.
The Yes campaign also received succour from a major German bank, days after Deutsche Bank voiced fears that a Yes vote would herald a 1930s-style depression. Its rival Commerzbank has said such speculation has been overdone.
The bank’s economists said “some of the worst-case scenarios painted in recent days appear exaggerated”, providing evidence that Scottish shares have actually outperformed those of the UK as a whole this year, rather than registered any major collapse.