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SCOTS bank the TSB are moving to England – over fears of the impact of a Yes vote in the independence referendum.

The Trustee Savings Bank were set up by a Dumfriesshire minister more than 200 years ago but are set to head south, for tax purposes.

The move, announced yesterday, has sparked fears there could be an exodus of banks if there is a Yes vote on September 18.

The TSB – whose slogan during the 1980s was “The bank that likes to say Yes” – returned to the high street for the first time in 18 years last September after owners Lloyds TSB offloaded 631 branches across the UK in the wake of the banking crisis.

Lloyds are expected to sell between 30 and 50 per cent of their stake in TSB this summer, and experts expect the business to attract bids of up to £1.5billion.

However, it was revealed yesterday the new company will be based in England and not TSB’s native Scotland.

TSB Banking Group have been registered at Companies House in London and are incorporated in England and Wales. In contrast, both the original TSB Bank and Lloyds Banking Group are incorporated in Scotland.

It is understood uncertainties caused by the independence debate played a part in the decision.

Finance firms have voiced concerns about the impact of independence on their ability to trade with London markets if Scotland separates.

Scottish Labour finance spokesman Iain Gray described the announcement as a “wake-up call” for the SNP.

He added: “For months, Alex Salmond has refused to listen to any suggestion that his referendum is creating uncertainty in the Scottish economy, or that important businesses fear the consequences of separation.

“Now, we have a major player in the Scottish financial sector – who employ 95,000 people – choosing to register in England rather than Scotland, where they have always been based.

“This comes days after the Pension Insurance Corporation admitted they were avoiding investing in Scotland because of the uncertainty and fears that an independent Scotland would ‘not make the investment grade’.”

Gray also highlighted concerns about the referendum expressed by the boss of oil giants BP. He said: “It is increasingly clear that businesses operating in the real world don’t have the luxury of ignoring the consequences of uncertainty over currency or our place in Europe as Alex Salmond has done.

“Uncertainty caused by the referendum is inevitable so the least Salmond could do is tell us what his Plan B for currency is now that it’s clear there won’t be a monetary union should Scotland vote Yes.”

Lloyds insisted that TSB will remain a Scottish bank – because that is where they are licensed. They added that the decision is not expected to have any impact on staffing numbers in Scotland.

A Scottish Government spokeswoman said: “We welcome the fact that TSB Bank plc are registered as a Scottish bank, retaining their traditional Scottish roots.”