Scottish National Party Meets with Scottish Widows in Independence Talk

Strategic Insights -

The Scottish National Party (SNP) and insurance giant Scottish Widows held an important meeting to discuss the party's economic ideas for an independent Scotland. This meeting comes a month after Scottish Widows' CEO, Mike Ross, warned that independence would be bad for the company's business. The party's treasury spokesman, John Swinney MP, met with Mr. Ross to explain the SNP's ambitions for Scotland's financial services sector.

Key Takeaways:

  • 90% of Scottish Widows' staff are employed in Scotland, but 85% of its $31 billion pensions and investment business comes from south of the Border.
  • The SNP has asked party members to boycott Scottish Widows, but the party has distanced itself from the move, claiming it was not sanctioned.
  • The meeting was organized by the SNP to woo the business community in Scotland and deflect criticism after the revelation of the party's memo asking members to threaten to withdraw policies with Scottish Widows.
  • 17 days ago, it was revealed that the SNP sent a memo to party members asking them to boycott Scottish Widows.
  • Mike Ross, Scottish Widows' CEO, warned that independence would be bad for the company's business, fearing it could lead to a loss of business and the need to set up a registered office in England.

Statistics:

  • 90% of Scottish Widows' staff are employed in Scotland
  • 85% of Scottish Widows' $31 billion pensions and investment business comes from south of the Border
  • 17 days ago: the SNP sent a memo to party members asking them to boycott Scottish Widows

Sources:

  • "Scottish Widows' chief warns independence will be bad for business" (The Scotsman, September 2022)
  • "SNP research memo tells members to withdraw policies with Scottish Widows" (Free Press Journal, October 2022)
  • Anon (2022). "Scottish Widows' boss meets SNP chief to discuss independence plans". The Herald Scotland, November 2022.