As the Scottish independence referendum draws ever closer, arguments between the Yes and No camps have heated up and caused businesses to become involved in the debate over the future of the UK.
Although opinions differ regarding the impact a Yes vote would have on the commercial property market, a number of high profile organisations such as the Orion Group and Standard Life have made no secret of the fact that they would be eager to jump ship and move their main bases out of the country – perhaps even ceasing operations within an independent Scotland altogether.
Now, a new Survation poll has indicated that these companies are by no means alone in worrying about their futures if Scotland were to leave the UK. More than one third (36 per cent) of the 100 Scottish businesses interviewed claimed they would consider moving south should Scots vote Yes on the 18th of September, with a slightly higher 40 per cent intending to remain in Scotland regardless of the outcome of the vote.
Yet while this may seem positive for those in the Yes camp, with the majority remaining loyal to Scotland, only 15 per cent of participating businesses believe that Scottish independence would benefit their business. By comparison, 45 per cent of respondents believe their profits, revenues and custom would be damaged by the separation.
In the long run, this could prove incredibly harmful to the Scottish economy as businesses certainly believe they would be unable to record strong results – meaning lower taxes paid, fewer jobs created and fewer opportunities for expansion. This could see a higher volume of businesses exiting Scotland than stated in the poll, as many may feel the need to relocate in order to survive.
Director of the Better Together campaign, Blair McDougall, believes the impact of such a migration would damage not only Scottish business, but the living conditions of Scottish citizens.
He says; “The fact that so many businesses would consider relocating from Scotland if we left the UK is a big concern.
“This poll confirms what companies like Standard Life and Alliance Trust have already made clear.
“Independence would cost Scottish jobs and put up costs for families here – it’s a risk we don’t have to take.”
One of the major hurdles facing Scottish businesses is the controversy over the currency for the independent state, as Chancellor George Osborne has already ruled out the possibility of Scotland being part of the pound. Unfortunately, 75 per cent of businesses in the study said that it would be essential for Scotland to remain in a currency union with the rest of the UK – highlighting further difficulties and uncertainties that could cause businesses to abandon an independent Scotland.
With the vote now only 6 months away, businesses will be forced to carefully consider whether they could viably continue in a country struggling to surmount various economic difficulties. If the answer is no, then Scotland’s economy could face greater threats than the one presented by the currency debate in the near future.
Do you think businesses would seriously relocate if Scotland votes Yes or should the electorate treat these threats as scaremongering tactics?
