Business

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See also: Banking - Financial Services - Financial Institutions

Letters from Business leaders

For the signatories to the two letters below, click on the sources in the footnotes.

The following notable business leaders have not signed either of the letters referred to below:
Sir Tom Farmer, entrepreneur
Martin Gilbert, Chief Executive, Aberdeen Asset management
Sir Angus Grossart, Chairman of merchant bank Noble Grossart
Sir Tom Hunter, entrepreneur and philanthropist, founder of Sports Division
Stewart Milne, founder of Stewart Milne Group
Michelle Mone, founder of Ultimo


FOR THE UNION FOR INDEPENDENCE

Letter from Business leaders

"The Business case for Independence has not been made".
The following is the text of a letter signed by 120 "captains of industry"[1] published on 27 August 2014:

"The outcome of the referendum on 18 September will affect our generation and the generations to come.
Much is at stake.
Our economic ties inside the United Kingdom are very close and support almost one million Scottish jobs. The rest of the UK is Scotland's biggest market by far.
As job creators, we have looked carefully at the arguments made by both sides of the debate. Our conclusion is that the business case for independence has not been made.
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.
Today Scotland’s economy is growing. We are attracting record investment and the employment rate is high.
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."

Exports to the rest of the UK

The Weir Group-financed study by Oxford Economics found that 70% of all Scottish exports are sold to the rest of the UK[2]

Other business leaders

References

  1. Letter to the Scotsman 27 August 2014
  2. Weir Group:Independence Report by Oxford Economics, which is a commercial venture with Oxford University’s business college to provide economic forecasting and modelling to UK companies and financial institutions and which claims to be ne of the world’s foremost independent global advisory firms. http://weir.co.uk/independencereport

Letter from Business leaders

"Ignore short-term scaremongering of conservative business people".
The following is the text of a letter signed by 200 "entrepreneurs"[1] published[2] on 28 August 2014:

"We are involved in business and entrepreneurship at different levels in Scotland and around the world, and speak in a personal capacity. We believe independence is in the best interests of Scotland's economy and its people.

We will gain the powers to give our many areas of economic strength even more of an advantage in an increasingly competitive world. There will be more opportunities for our talented and determined young people to stay and succeed here in Scotland.

We believe Westminster governments do not and never will pay sufficient attention to the interests of Scotland's economy. The tax raids on our oil industry and pensions funds by Labour and Conservative-led governments are clear examples of a short-term focus rather than a long-term strategy. Scottish industry is so often treated as a cash cow rather than a strategically important part of a more prosperous and a fairer society.

The real threat to Scotland is the real possibility of a British exit from the European common market. Scotland must look outwards to the world of opportunity that awaits us. A Yes vote is the business and jobs opportunity of a lifetime for this and future generations."

Exports to the rest of the UK

Other business leaders

JD Wetherspoon chairman Tim Martin has commented on 11 September[3]:
"There’s no reason why Scotland shouldn’t thrive as an independent economy if that’s what the Scots want. New Zealand has the same population, Switzerland does very well and Singapore with half the population is an economic miracle. There’s no reason why a small country can’t thrive.”

References

  1. Herald: In full: the list of entrepreneurs backing a Yes vote 28 August 2014
  2. Letter to the Herald 28 August 2014
  3. Independent: Wetherspoons boss says 'there's no reason why a small country can’t thrive' 11 September 2014


References