Scottish Independence Business Poll

Scottish Independence Business Poll.

Business leaders across Scotland have all signed letters lending their support for a United Kingdom and against an independent Scotland.

130 business leaders on Wednesday signed a letter to show their support of staying part of the UK arguing that a case for independence has not been made. However, in an opposing letter a total of 200 leaders signed a letter so show support of an independent Scotland.

Polls taking place on the 18^th September will ask voters a yes/no question of "Should Scotland be an independent country?”

The pro-UK letter included signatures from a variety of different businesses including banking, food, whisky and technology. Some of the people for Scottish independence include Sir Brian Souter, Clyde Blowers boss Jim McColl and former Royal Bank of Scotland chairman Sir George Mathewson.

The letter signed for staying as part of the UK were voicing concerns over whether jobs could be at stake if Scotland does go independent, but the opposing letter for independence said that "An independent Scotland will recognise entrepreneurs small and large as the real wealth and job creators of the nation's economic future”.

Comment

David Cameron is due in Scotland to support the above and we see the real issue for Scotland is the financial services industry and the ability to "passport" financial services back into the UK in the same way that a French or Spanish Bank would.  It does not represent huge barriers, but most have set up subsidiaries in the UK.  We suggest Scottish financial companies would relocate to the remaining UK. 

We have seen quoted in various sources that 1m Scottish jobs depend upon the rest of the UK.  In short, the remaining UK is Scotlands biggest client and until the issue of currency is resolved, those jobs may not be that secure if Scotland is forced into its own currency and then prices for exports out of Scotland become subject to currency fluctuations and any import/export restrictions.