UK Competitiveness

Part of Oral Answers to Questions — Business, Innovation and Skills – in the House of Commons at 9:30 am on 11 September 2014.

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Photo of Chuka Umunna Chuka Umunna Shadow Secretary of State for Business, Innovation and Skills 9:30, 11 September 2014

Before I ask my question, I am sure that on the anniversary of 9/11 the whole House will want to remember those who lost their lives, including British citizens, on that terrible day 13 years ago. Our thoughts, best wishes and prayers go out to their families and friends.

Scotland’s vibrant financial services sector is important to the UK’s competitiveness, and more particularly to Scotland’s competitiveness in the global marketplace. RBS has been mentioned, and no doubt the Secretary of State will also have heard Lloyds bank and Clydesdale bank say that they will relocate their headquarters to London in the event of separation. The vote next week is, of course, for the Scottish people, but does that not illustrate the lorry load of uncertainty for jobs, competitiveness and growth in Scotland that will come with the break-up of one of the most successful unions the world has ever seen?