Businesses argue against Scottish independence

Business leaders have come together to write a letter in which they urge people to vote no in next month's Scottish referendum, arguing that the economic case for independence has not been made with any authority.

Over 130 businesses from sectors as wide as banking, food, technology and engineering have put their support behind a united Great Britain.

The letter, which was published in the Scotsman, said that "much is at stake" when voters turn up to the ballot boxes on September 18th.

They explain that at present, economic ties in the UK are "very close" and help support up to one million Scottish jobs.

After much consideration, the group of businesses have concluded that to break away would have a negative impact.

"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," they outlined in their letter published in the newspaper.

"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 UK, [which] gives business the strong platform we must have to invest in jobs and industry."

Responding to this, the lobby group Business for Scotland said that on the contrary, an independent Scotland would in fact be a huge benefit to the country.

At the start of the year, it outlined some of the key details supporting this, such as the fact it has a "rich and diverse economy", it is a net contributor to the UK, it generates "far more tax" than the UK average and has strong exports.

"The oil in the North Sea is worth over £1 trillion," Business for Scotland explained in January.

"There are at least 15-24 billion barrels of oil remaining which will continue long into the 21st century. Over 90 per cent of the tax revenue will go to an independent Scotland which can help to establish a national oil fund for future investment."

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.