Business Leaders Say Case For Scottish Independence Has Not Been Made

Wed, 27th Aug 2014 14:18

LONDON (Alliance News) - The business case for Scottish independence has not been made and the uncertainty that is being created around vital issues including currency, regulation, tax, pensions and EU membership is bad for business, top business leaders said in an open letter Wednesday.

The letter to the Scotsman was signed by over 100 businessmen, including HSBC Holdings PLC Chairman Douglas Flint, BHP Billiton Chief Executive Andrew Makenzie, Cairn Energy PLC Chief executive Simon Thomson, The Weir Group PLC Chief Executive Keith Cochrane and Aggreko PLC interim Chief Executive Angus Cockburn.

"Our economic ties inside the United Kingdom are very close and support almost one million Scottish jobs. The rest of the UK is Scotland's biggest market by far. As job creators, we have looked carefully at the arguments made by both sides of the debate," the letter said.

"Our conclusion is that the business case for independence has not been made. Uncertainty surrounds a number of vital issues including currency, regulation, tax, pensions, EU membership and support for our exports around the world; and uncertainty is bad for business," it said.

Voters in Scotland will go to the polls on September 18 when they will be asked to vote yes or no to the question: "Should Scotland be an independent country?"

The latest opinion polls show that more voters are expecting to vote no, although the gap between the sides has narrowed in recent weeks.

Several major UK businesses have come out in recent months to say they'd prefer if Scotland remained in the union.

"The decision on independence from the UK is a matter for the people of Scotland. However, as stated previously, BAE Systems has significant interests and employees in Scotland, and it is clear that continued union offers greater certainty and stability for our business," aerospace and defence giant BAE Systems PLC said when it released results in July.

It was joined by executive at the likes of Royal Bank of Scotland Group PLC, Lloyds Banking Group PLC, Standard Life PLC and drinks giant Diageo PLC, who said they'd prefer the union to remain intact for business reasons.

By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1