Scottish independence: Business leaders claim case for independence has ‘not been made’

Over 130 business leaders sign open letter claiming the Yes vote would be ‘bad for business’

One day after First Minister Alex Salmond claimed victory in the second TV debate on Scottish independence, more than 130 business leaders have signed an open letter stating that the ‘Yes’ vote would be “bad for business”.

The 133 signatories, who hail from a range of industries including banking, mining, food, and engineering, claim in the letter published on Wednesday that the “business case for Scottish independence has not been made”.

It follows results from polls on Tuesday suggesting Mr Salmond had won Monday night's TV debate against Alistair Darling and his argument for the 'Better Together' campaign.

The letter, published in The Scotsman, claims that the economic ties inside the UK are “very close” and support nearly a million Scottish jobs.

HSBC’s group chairman Douglas Flint is joined by chief executive of mining giant BHP Billiton’s Andrew Mackenzie in making the case against independence, alongside Audrey Baxter, executive chairman of Baxters Food Group, and Ian Curle, chief executive of Edrington, the owner of Scottish whiskey brands The Macallan and The Famous Grouse.

The signatories said that in their role as job creators, they have looked carefully at the arguments for both sides of the debate.

Uncertainty surrounds a number of vital issues including currency, regulation, tax, pensions, EU membership and support for Scottish exports around the world, they argue, and “uncertainty is bad for business”.

“We should be proud that Scotland is a great place to build businesses and create jobs – success that has been achieved as an integral part of the United Kingdom.

“The United Kingdom gives business the strong platform we must have to invest in jobs and industry. By all continuing to work together, we can keep Scotland flourishing,” the letter reads.

The letter was organised by Keith Cochrane, the chief executive of engineering firm Weir Group, and the companies of the 133 signatories employ around 50,000 people.

But lobby group Business for Scotland ha told the BBC that economic “facts and figures” support Scottish independence, while other business leaders have backed the First Minister’s push for independence over the advantages it would afford businesses.

Donald MacKay, the former head of Scottish Enterprise, has said that independence would place Scotland in a better fiscal position than the rest of the UK.

"An independent Scotland should use that financial advantage to invest in re-engineering our economy towards industrial, manufacturing and tradeable services development," he said.

His support for the ‘Yes’ vote is backed by other business leaders including International Airlines Group (IAG) chief executive Willie Walsh and Ryanair chief Michael O’Leary, in part due to Mr Salmond’s plans to scrap air passenger duty (APD), which both airline chiefs have long called for.  

Start your day with The Independent, sign up for daily news emails
News
election 2015The 10 best quotes of the campaign
News
A caravan being used as a polling station in Ford near Salisbury, during the 2010 election
election 2015The Independent's guide to get you through polling day
News
people
Voices
David Blunkett joins the Labour candidate for Redcar Anna Turley on a campaigning visit last month
voicesWhat I learnt from my years in government, by the former Home Secretary David Blunkett
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksA celebration of British elections
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Ashdown Group: Marketing Manager (B2B) - Romford - £40,000 + car

£35000 - £40000 per annum + car and benefits: Ashdown Group: Marketing Manager...

Ashdown Group: Helpdesk Analyst - Devon - £20,000

£18000 - £20000 per annum: Ashdown Group: Helpdesk Analyst - Devon - £20,000 ...

Ashdown Group: Data Scientist - London - £50,000 + bonus

£35000 - £50000 per annum + generous bonus: Ashdown Group: Business Analytics ...

Ashdown Group: IT Project Coordinator (Software Development) - Kingston

£45000 - £50000 per annum: Ashdown Group: IT Project Coordinator (Software Dev...

Day In a Page

General Election 2015: ‘We will not sit down with Nicola Sturgeon’, says Ed Balls

'We will not sit down with Nicola Sturgeon'

In an exclusive interview, Ed Balls says he won't negotiate his first Budget with SNP MPs - even if Labour need their votes to secure its passage
VE Day 70th anniversary: How ordinary Britons celebrated the end of war in Europe

How ordinary Britons celebrated VE Day

Our perception of VE Day usually involves crowds of giddy Britons casting off the shackles of war with gay abandon. The truth was more nuanced
They came in with William Caxton's printing press, but typefaces still matter in the digital age

Typefaces still matter in the digital age

A new typeface once took years to create, now thousands are available at the click of a drop-down menu. So why do most of us still rely on the old classics, asks Meg Carter?
Discovery of 'missing link' between the two main life-forms on Earth could explain evolution of animals, say scientists

'Missing link' between Earth's two life-forms found

New microbial species tells us something about our dark past, say scientists
The Pan Am Experience is a 'flight' back to the 1970s that never takes off - at least, not literally

Pan Am Experience: A 'flight' back to the 70s

Tim Walker checks in and checks out a four-hour journey with a difference
Humans aren't alone in indulging in politics - it's everywhere in the animal world

Humans aren't alone in indulging in politics

Voting, mutual back-scratching, coups and charismatic leaders - it's everywhere in the animal world
Crisp sales are in decline - but this tasty trivia might tempt back the turncoats

Crisp sales are in decline

As a nation we're filling up on popcorn and pitta chips and forsaking their potato-based predecessors
Ronald McDonald the muse? Why Banksy, Ron English and Keith Coventry are lovin' Maccy D's

Ronald McDonald the muse

A new wave of artists is taking inspiration from the fast food chain
13 best picnic blankets

13 best picnic blankets

Dine al fresco without the grass stains and damp bottoms with something from our pick of picnic rugs
Barcelona 3 Bayern Munich 0 player ratings: Lionel Messi scores twice - but does he score highest in our ratings?

Barcelona vs Bayern Munich player ratings

Lionel Messi scores twice - but does he score highest in our ratings?
Martin Guptill: Explosive New Zealand batsman who sets the range for Kiwis' big guns

Explosive batsman who sets the range for Kiwis' big guns

Martin Guptill has smashed early runs for Derbyshire and tells Richard Edwards to expect more from the 'freakish' Brendon McCullum and his buoyant team during their tour of England
General Election 2015: Ed Miliband's unlikely journey from hapless geek to heart-throb

Miliband's unlikely journey from hapless geek to heart-throb

He was meant to be Labour's biggest handicap - but has become almost an asset
General Election 2015: A guide to the smaller parties, from the the National Health Action Party to the Church of the Militant Elvis Party

On the margins

From Militant Elvis to Women's Equality: a guide to the underdogs standing in the election
Amr Darrag: Ex-Muslim Brotherhood minister in exile still believes Egypt's military regime can be replaced with 'moderate' Islamic rule

'This is the battle of young Egypt for the future of our country'

Ex-Muslim Brotherhood minister Amr Darrag still believes the opposition can rid Egypt of its military regime and replace it with 'moderate' Islamic rule, he tells Robert Fisk
Why patients must rely less on doctors: Improving our own health is the 'blockbuster drug of the century'

Why patients must rely less on doctors

Improving our own health is the 'blockbuster drug of the century'