Business minister Michael Fallon has warned that banks like Royal Bank of Scotland (RBS) and Lloyds could pull their corporate headquarters out of ­Scotland if there is a Yes vote for independence.

Mr Fallon said such a loss would be "extremely ­damaging" to the Scottish economy. Speaking at a fringe event, Mr Fallon said: "RBS is headquartered in Edinburgh. Lloyds has its registered office in Glasgow.

"I am worried in my home city of Dundee about Alliance Trust. Why would they stay in Dundee when so much of their business would actually be down in the rest of the UK? We could see a move of corporate headquarters away from Scotland and that would be extremely damaging."

Earlier this month the boss of Lloyds said his bank could move its registered headquarters if Scotland voted for independence.