Business leaders say case for Scottish independence has not been made

Written by Reuters | Updated: Aug 28 2014, 08:39am hrs
More than 100 business leaders spoke out against Scottish independence, saying the business case for independence has not been made, the biggest intervention by the UKs business community in the referendum debate so far.

Voters will decide on September 18 if Scotland, which has a five-million population and is a source of North Sea oil, should end its 307-year-old union with England and leave the UK. In a statement, heads of some of the UKs biggest companies said the outcome of the referendum would affect generations to come. As job creators, we have looked carefully at the arguments made by both sides, the letter states. Our conclusion is that the business case for independence has not been made.

The letter says there is uncertainty surrounding issues such as currency, regulation, tax, pensions, EU membership and support for exports. Executives who have supported the statement are: Andrew Mack-enzie, chief executive of BHP Billiton; Douglas Flint, group chairman of HSBC Holdings; Simon Thomson, CEO of Cairn Energy and Angus Cockburn, interim CEO of Aggreko. All signed the letter in personal capacity. The letter will be a boost to the Better Together campaign.