SNP row after Alex Salmond praises City of London The City of London is the world's leading global centre for finance and the Treasury has said independence would harm its close and mutually beneficial links with Scotland's financial services industry. An independent Scotland would be forced to adopt separate financial services regulation under EU law, but Mr Salmond told his audience that he would try and keep it in line with the remainder of the UK. Speaking at FT International Financial Centers Forum in Hong Kong, another of the world's major financial centres, he said firms look for a skilled workforce and close links with major markets when deciding where to operate. That puts Scotland in a strong position. We share a time zone, a language and a regulatory system with London, and our operating costs for key functions can be some 30 per cent lower than the City of London," he said. He said Scotland's links with the City were among the reasons why major financial firms like Morgan Stanley and JP Morgan have based their global operations in Scotland. But Mr Wilson said the Yes Scotland campaign should focus its efforts on showing the City is both the cause of and the prime beneficiary of the UK financial collapse. "Today the grip of the London octopus is so powerful that the rest of the UK exists to serve it regardless," he said. If Scotland votes No, the resources of the English north, Wales, Northern Ireland and Scotland will continue be exploited for the benefit of London ... The London question is the soft underbelly of the Union. The Daily Telegraph disclosed in May how Scottish Financial Enterprise, which represents the industry, has warned home owners would face higher mortgage costs after independence. Gavin Brown, Scottish Tory finance spokesman, said Mr Salmond appeared to have "forgotten" in his speech that independence would threaten the UK-wide system he was praising. Bernard Clarke, spokesman for the Council of Mortgage Lenders, told MoneyMarketing this week that Scottish separation would make it "more difficult and expensive" for firms and consumers. Paul Broadhead, head of mortgage policy of Building Societies Association, said lenders will have to review their position if there is a yes vote and questioned what currency would be used.