Whilst the banks' move south would be legal rather than physical, it is more than symbolic. The banks want to be assured that they will be protected by the Bank of England and will work within a recognised regulatory framework. After independence, if they remain they would have to hold considerably higher cash reserves, as they could not rely on the Scottish government to bail them out. There are also uncertainties over tax.

They are also anticipating a flight of capital south of the border as Scots take steps to safeguard their savings and pensions.