Standard Life May Be Sorting A Post-Scottish Independence London Base

This Scottish Giant May Be Lining Up Its Post-Independence London HQ
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EDINBURGH, SCOTLAND - MARCH 04: The Standard Life House logo is displayed on March 4, 2014 in Edinburgh, Scotland. Edinburgh based pensions and savings firm Standard Life has announced that it is making contingency plans to move its business from Scotland if there is a Yes vote in the independence referendum in September. (Photo by Jeff J Mitchell/Getty Images)
Jeff J Mitchell via Getty Images

Scottish investment giant Standard Life has been reportedly looking at buying a possible headquarters in London in the event that Scotland gains independence in September.

The Edinburgh-based firm, which employs 5,000 people in Scotland, has been in secret discussions with Quadrant Estates and other property investors about potentially buying a massive office block in the City of London at 100 Cheapside, according to property magazine Estates Gazette.

Standard Life's potential base of operations has been open to debate as the firm signalled in February that it would take "whatever action...necessary... including transferring parts of our operations from Scotland" to keep its business on track if Scots vote to break away from the United Kingdom.

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Business leaders who oppose Scottish independence
PricewaterhouseCoopers(01 of10)
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PwC’s UK chairman Ian Powell said: “From a PwC perspective, we believe in a United Kingdom and we believe that the right thing is you do have as big an economic unit as you can.”
Lloyds Banking Group(02 of10)
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In its annual report, Lloyds warned: "The impact of a 'yes' vote in favour of Scottish independence is uncertain."The outcome could have a material impact on compliance costs, the tax position, and cost of funding for the group."
Barclays(03 of10)
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The bank said that Scottish independence would hurt business by "introducing potentially significant new uncertainties and instability in financial markets, both ahead of the respective dates for these referenda and, depending on the outcomes, after the event".
BP (04 of10)
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Bob Dudley, chief executive of the oil giant, claimed there were ''quite big uncertainties'' over issues such as currency, European links and tax regimes if Scotland voted for independence.Maybe that's why David Cameron felt happy to pose on a BP oil rig.
Power generator giant Aggreko(07 of10)
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Generator giant Aggreko, which employs around a tenth of its 5,749 worldwide employees in Scotland, warned that Scottish independence would create years of uncertainty and hiatus".
Duncan Bannatyne (08 of10)
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Sainsbury's chief Justin King(09 of10)
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Chief executive David Nish also said that Standard Life had started to register companies in England as part of its contingency plans. However, the firm has consistently refused to say where they would base themselves if Scotland gains independence.

The 100 Cheapside construction project, which could go for as much as £110 million, would offer 86,600 square feet of office space when it is finished this autumn. However, it could also occupy it without designating it as its headquarters.

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Could this become Standard Life's new London home?

This comes as other businesses have raised concerns about independence like Barclays and Lloyds Banking Group, while there is considerable speculation about whether the Royal Bank of Scotland could be forced to move its base of operations out of Scotland.

Standard Life refused to comment on its reported discussions about buying the property on Cheapside. However, a spokesman for the Business for Scotland pro-independence group rubbished any suggestion that the investment giant may move elsewhere.

"Standard Life invests in property across the UK including building a new £75m office development in St Andrews Square right in the heart of Edinburgh which has construction workers on site now," a spokesperson told the Huffington Post UK. "The company already occupies several office premises across the city."

"We're confident that Standard Life will still have its home in Edinburgh as Scotland gets going and our business environment improves. We're excited about the opportunities that independence will bring for businesses of all types and we're confident that the vibrant business environment that will be created will be attractive and welcoming."