The view was that equities were the good long-term bet in comparison with bonds and cash. However, this week's falls in the London stock market has shown how risky shares are. One view is that the stock market is pricing in a depression. I don't know how the Royal Bank of Scotland got marked down to 79 pence at one point today. This is a massive bank and one which would benefit from the UK government bailout if it wants to. It does not bear thinking about if RBS has to be rescued by the government, although some sections of the population in Scotland would be delighted to have a Scottish state bank.
I think pro-Independence supporters had counted on a vibrant financial services scene in Edinburgh, which has been badly affected by the recent market turbulence.
www.searchifa.co.uk
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