I could have posted this in the VAT section of this forum but chose to post it in here instead.
The UK currently has food at 0% rate of VAT. Now, I'm fairly certain that other EU countries don't get this and will likely have a minimum rate of 5%. This is what I believe the EU wants as a minimum rate (but the UK and Republic of Ireland by some historic quirk) managed to get away with 0%.
So would an Independent Scotland have to slap 5% on food prices for VAT (if allowed entry to the EU)?
I haven't dealt with VAT in other countries but things are about to get complicated if Scotland gets Independence.
Time to post off my vote. Voting is private so I will NOt be telling you which way I'm voting.
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Never buy black socks from a normal shop. They shaft you every time.
Your not even away from the UK yet and you think that the EU is automatically going to let you in. (just joshin, they'll let anyone in).
Its an interesting question in that really Scotland would become a foreign country so any business that stays in Scotland would need to think about any added expense and complexity of cross border trade.
I read today that the Yes vote is now at 51%... Bet that all the guys in Portsmouth must be on the brink of throwing parties waiting eagerly for all of the shipbuilding to move back down South.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
It's due to be a fast turnaround with the vote on the 18th, announcement on the 19th, England to invade to stabilise the sterling (not stirling!) on the 20th.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
If either Edinburgh or London had issues there would be no change in service provided to customers so on that basis the banks if they wished could switch off Edinburgh at short notice.
Lloyds are keeping their mouths shut about whats going to happen with Lloyds Scotland, Scottish Widows and Bank of Scotland but there's a recruitment drive on at the moment for operations roles in Leeds and London so no matter what the outcome I think that's speaking for itself.
Standard life have stated that they will leave Scotland the day after a Yes vote.
RBS would move South (as if they haven't already, lol. I spent years working on RBS (NatWest) systems in London).
The Shipyards would almost certainly return to Portsmouth.
Lets not even think about all of the small businesses that exist around the major one's such as suppliers and just those where people spend their money.
All in all I think that a Scottish Yes vote will be great for jobs in England at a cost of devalued sterling on the basis of Scotland being taken off the balance sheet of UK Plc.
For safety I think that the banks will move reserves into US dollars which will put further pressure on sterling but will make a lot of money in the event of a vote either way. (Yes vote, moneys safely in a more stable currency. No Vote sterling is undervalued. Buy back quick and its bottles of Krug and Crystal all round).
Loved the way that Mr Salmond had a hissy fit yesterday because someone leaked the truth about RBS to the voters... That implies that he knew it and was purposfully not telling the voters on the grounds that facts can get in the way of votes.
The elections totally messed up. People from all over the world living in Scotland can vote but Scots living anywhere else in the world (including England) cannot. A Yes vote would, at least in the short to mid term, affect the income and savings of everyone in the UK but only those in Scotland have any say in the matter... How fair is that!
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
