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Majority of FTSE 100 chairmen oppose Scottish independence -poll

Mon, 24th Feb 2014 13:04

LONDON, Feb 24 (Reuters) - A majority of FTSE 100 chairmenoppose Scottish independence as they fear splitting up would bebad for British business and dilute the UK's economic influence,according to a survey on Monday as the debate over independenceintensifies.

The poll by executive search firm Korn Ferry found 65percent of chairmen of 32 FTSE 100 companies said it would bebad for business if Scotland ended its 307-year union withEngland while 24 percent saw it as good or very good.

Commenting on a "Yes" vote for independence, one chairmansaid it would be "particularly bad for the Scots, not good forthe English and would dilute the UK's economic influence".

The survey was released as an increasing number of businessleaders take sides or point out risks ahead of the independencevote on Sept. 18.

Debate has lately focused on whether an independent Scotlandcould keep the pound and stay in the EU.

Latest opinion polls show separatists still trailing inpublic support but gaining ground, with UK government officialswarning against complacency.

The first major business leader publicly to oppose Scottishindependence was Bob Dudley, head of Britain's second-biggestoil company BP who warned over the uncertainties thatcould come with Scottish independence.

But Scotland's First Minister Alex Salmond pointed out onMonday that BP was continuing to invest in the North Sea.

RBS, Bank of Scotland-owner Lloyds Banking Group and other major financial institutions based inEdinburgh have begun contingency planning in the event of a votefor independence, as reported by Reuters.

A previous survey by Korn Ferry and the British RetailConsortium found 33 retail chairmen were "consistently negative"about Scottish independence, concerned about possible impact ofnew employment and pension laws and rising supply chain costs.

Outgoing chief executive of supermarket Sainsbury, JustinKing, has warned independence could lead to higher food prices.

The Korn Ferry poll, taken from its latest Boardroom Pulsesurvey, also found an overwhelming majority of chairmen, 98percent, did not think a EU referendum would result in the UKleaving the bloc, up from 81 percent in a survey last March.

It found the number of chairmen who saw leaving the EU asbad for business had risen to 86 percent from 74 percent.

"The chairmen of our largest companies have spoken out infavour of keeping the Union and staying in the EU. They believethis is in the best interests of British business and the widereconomy," said Korn Ferry spokesman Dominic Schofield.

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