British business leader stresses uncertainties of "yes" vote in Scottish referendum

Xinhua

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Scottish independence would be bad for business, the leader of Britain's largest business representative body said Thursday.

John Cridland, director general of the Confederation of British Industry (CBI), told a press conference at the CBI headquarters in London, "This is the most important political risk that the CBI and businesses are facing."

"The economic case for Scottish independence has not been made. Overwhelmingly British business believes that the United Kingdom should stay together," he added.

Cridland continued, "In terms of uncertainties that affect the growth trajectory of the UK, Scottish independence looms large. It is absolutely a matter for the Scottish voter and the Scottish voter is faced by a lot of economic uncertainty if they were to vote for independence."

Cridland said there were uncertainties for Scotland if voters backed independence in the referendum on Sept. 18.

These included uncertainties over what currency would be used, whether Scotland would be able to negotiate membership of international bodies like the European Union.

Cridland added, "We are clear what the benefits of the single market of the United Kingdom are. We cannot be clear what the implications of the break-up of that market would be."

Speaking at a separate press conference on the possible implications of the Scottish referendum, Professor Charlie Jeffery, from the politics department of Edinburgh University, said that businesses might fear the potential disruption independence might cause.

Jeffery said, "It's clear in quantitative surveys of business attitudes with people running businesses and in more qualitative research with directors that the balance businesses see between the opportunities that independence bring and the risks and uncertainties is heavily weighed towards the latter -- risk and uncertainty."

However, Jeffery said that perceptions of the effects of disruption varied from business to business and depended on several factors.

He said, "This varies between different sizes of businesses and markets, whether Scottish only for instance, or international."

The chairman of Lloyd's insurers John Nelson Thursday warned that the success of the "yes" campaign for independence would be damaging for the financial sector.