As the ‘Yes-to-Scottish-independence’ vote gathers strength in the run-up to this week’s historic referendum, some the UK’s big business players last week warned of adverse consequences if Scotland breaks away from the United Kingdom.
Most controversially, the Royal Bank of Scotland (RBS) declared that a vote for independence would see it forced to relocate its headquarters from Scotland, where it has been based since 1727, to London. (RBS is 81 per cent-owned by the British government). The Lloyds Banking Group and savings and investment firm Standard Life issued similar warnings.
Major retailers John Lewis, Asda and Marks & Spencer also said last week that they would have to push up prices in Scotland if the country chooses to break away from the UK market.
Understandably, announcements from of these high-profile, public-facing firms have dominated the recent debate on a business level, but the UK’s life sciences sector has also expressed concern. Read More