The City roundup: RBS and John Lewis warn Scots against voting 'Yes'

Video: The Independent's deputy business editor, Jim Armitage, provides a run-down of the day's major news from the City

People walk past a Royal Bank of Scotland sign. (Andrew Cowie | AFP | Getty Images)

Get the latest business news with The Independent's daily roundup of the biggest news from the City.

Scotland has dominated the news this week and looks set to do so right up until election day next Thursday.

The pound jumped nearly a cent as markets started betting the “no” vote would prevail. It seems a mix of the dewy-eyed appeal from David Cameron and co, plus the growing crescendo against secession from big business, is working its tried and tested magic in the polls.

Today, RBS and John Lewis warned Scots of the dire implications of voting “yes”. Sir Charlie Mayfield, chairman of the partnership that owns Waitrose, said Scots could expect higher prices if they vote for independence.

Away from politics, it was a crazy morning for retailers.

Morrisons came up with predictably awful figures although it managed to hold its dividend for shareholders.

John Lewis said its Waitrose profits are down due to the flurry of new store openings it’s been investing, while Ocado reported sales up nearly a quarter.

Next is a darling of the markets due to its ability to keep its profits and dividends surging year in year out. It didn’t disappoint this morning, with a 15% hike in the dividend and a 20% rise in profits.

Finally, Gieves & Hawkes seems to be being turned around by its new Chinese owners thanks to better sales overseas.