A split in Scotland’s business elite over independence widened yesterday, with supporters of secession arguing the economic benefits of going it alone after a rival group had sung the praises of staying in the United Kingdom.
Many companies, large and small, had previously refused to take sides in the highly-charged debate, but with just three weeks to go until the September 18 referendum, an increasing number of influential figures are coming off the fence.
Scottish industry is often treated as a cash cow
Yesterday, a group of 200 Scottish business leaders, including Stagecoach head Brian Souter and engineering tycoon Jim McColl of Clyde Blowers, joined forces in a newspaper letter to back Scotland’s breakaway.
A day earlier, 130 business leaders, among them the heads of BHP Billiton, temporary power provider Aggreko and HSBC bank, signed an open letter opposing independence, voicing fears of its impact on business. Latest opinion polls show support for independence has gained ground, but is still trailing the pro-union camp.
After spending much of the campaign on the sidelines, British Prime Minister David Cameron re-entered the fray last night, making a rare foray into Scotland to argue against ending the 307-year union with England and Wales.
Business leaders backing independence said successive London governments had failed to pay heed to the interests of the £150 billion (€189 billion) economy north of the border, which accounts for about 10 per cent of the British economy, boosted by North Sea oil and a strong financial services sector.
“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,” said the letter published in Glasgow newspaper the Herald.
“Scottish industry is often treated as a cash cow rather than a strategically important part of a more prosperous and fairer society.”
Nationalist leader Alex Salmond, head of the Scottish National Party, welcomed the letter and recognition of the need for Scotland to be given powers to boost its economy and jobs.
“People’s jobs are at the heart of this referendum campaign as people want to know that Scotland will get the powers that will attract investment and create employment opportunities,” Salmond said in a statement
Salmond triumphed in a televised debate this week against Alistair Darling, the head of the pro-union “Better Together” camp, but pollsters questioned whether this would be enough to boost his chances of victory next month.