Scotland referendum: How a 'yes' vote could hit business

It comes as the leaders of all three main political parties in Westminster headed to Scotland to campaign to save the Union.

The Daily Echo is backing the Better Together campaign, and is urging people in Hampshire to show their support for the 300-year-old Union.

In an exclusive poll carried out last week, 69.8 per cent of people asked in Hampshire said they wanted Scots to remain in the UK.

This paper has also reported on the economic uncertainties of Scottish independence, and the potential for it to hit the economies of both an independent Scotland and the rest of the UK.

The value of the pound dropped earlier this week after a poll showed the Yes campaign as ahead, while mortgage payments, the UK’s debt repayments and interest rates could all be affected.

Hampshire Chamber of Commerce chairman Stewart Dunn said the organisation has carried out a poll of members in the run-up to the referendum, and found that most businesses were “still looking for clarity” on economic issues around independence.

He said: Most respondents are telling us they don’t see any obvious value to them from Scottish independence. The general feeling is that we are better together. 

“Beyond that, those who sell to Scotland or have Scottish-based operations are saying that in the event of a ‘Yes’ vote, they want to know exactly what’s going to happen on currency, tax, pensions and Europe. 

“They recognise that these questions will require a period of negotiation. 

“The key concern is trading across a border and whether, currency union or not, that would lead to the burden of transaction costs. “Some respondents have told us they would simply treat Scotland as another export market and manage the risks accordingly just as they do with other countries. 

“Others believe the practical difficulties of breaking up the national economy are probably insurmountable. They point to the stock market jitters we have seen this week as a sign of lack of confidence.”

Gary Whittle, commercial director at Nursling-based logistics firm Meachers Global Logistics Ltd, which takes goods to and from Scotland, said: “I think Scottish independence could have a negative impact.

“It could put a barrier in the way of trade between organisations, groups and countries which can only cause difficulties.

“At a time when there are green shoots of recovery showing the timing couldn’t be worse.

“I don’t think more jobs and trade will be created as a result of independence.”

And David Tipple, director at Winchester and Glasgow-based roofing and cladding firm Lakesmere, said: “If there is a Yes vote, someone will have to pay for the public spending agenda of the Scottish National Party and their allies, and it’s probably going to be businesses.

“The impact of the result will also be that there is a lot of uncertainty about what would happen, and businesses don’t like uncertainty.

“The Scots have got to realise that this isn’t something they can change their mind about in five years, like a General Election. If they cut the rope it won’t be joined up again.”

Harvey Ockrim, managing director of major furniture supplier and Hampshire chamber member Satellite UK, which also has offices in Glasgow, said he will be voting “No” on September 18.

He said: “I’m not going to vote for Willy Wonka’s Chocolate Factory – we don’t know what we’re voting for until we get there and there will be no turning back.

“It will make it considerably more challenging for businesses.

“It will affect the UK and England and I would think we are better off sticking together rather than moving into uncharted water.”

Yesterday, Conservative Prime Minister David Cameron, Liberal Democrat Deputy Prime Minister Nick Clegg and Labour Opposition Leader Ed Miliband all travelled to Scotland to plead with Scots to vote “no” on September 18.

In a joint statement issued before they travelled north, they said: “There is a lot that divides us – but there's one thing on which we agree passionately: the United Kingdom is better together.”