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| Version 1 | Version 2 |
|---|---|
| Scottish independence: What have businesses been saying? | Scottish independence: What have businesses been saying? |
| (12 days later) | |
| March is the end of the financial year in the UK, when businesses announce their annual results and outline plans for the future. | March is the end of the financial year in the UK, when businesses announce their annual results and outline plans for the future. |
| With the Scottish independence referendum just months away, many big businesses have used their announcements to explain what independence would mean for them. | With the Scottish independence referendum just months away, many big businesses have used their announcements to explain what independence would mean for them. |
| The economy is widely regarded as the key campaign battleground in the build up to the referendum which takes place on 18 September. Voters in Scotland will be asked the "Yes/No" question: "Should Scotland be an independent country?" | The economy is widely regarded as the key campaign battleground in the build up to the referendum which takes place on 18 September. Voters in Scotland will be asked the "Yes/No" question: "Should Scotland be an independent country?" |
| So, what have some businesses said so far? | So, what have some businesses said so far? |
| Thomas Cook | |
| Travel giant Thomas Cook told online news service the Huffington Post that two referendums - the Scottish independence vote and the potential UK referendum on EU membership - were creating "massive uncertainty" for business. | |
| Chief executive Harriet Green said both votes were unsettling for companies looking to create jobs and attract investment. | |
| Ms Green also dismissed British Airways boss Willie Walsh's suggestion that independence could be a "positive development", due to the Scottish government's pledge to cut and eventually scrap air passenger duty. | |
| She said air passenger duty was a "relatively small part of that debate". | |
| Next | |
| The chief executive of clothes and homeware retailer Next said Scottish independence would have no effect on how the company was managed. | |
| According to The Herald, Lord Wolfson said: "I don't think it would make any difference. We manage our business in Eire how we manage in the UK. | |
| "We do not see Scottish independence as a business issue." | |
| BAE | |
| BAE Systems said continued union between Scotland and the rest of the UK offers "greater certainty and stability" for its business. | |
| The company employs about 3000 workers on the Clyde and is helping to construct two new Royal Navy aircraft carriers. | |
| Chief executive Ian King said: "BAE Systems has significant interests and employees in Scotland, and it is clear that continued union offers greater certainty and stability for our business. | |
| "In the event that Scotland voted to become independent, we would need to discuss the way forward with the Ministry of Defence and UK government, and work with them to deliver the best solution in those circumstances." | |
| Ineos | Ineos |
| Jim Ratcliffe, whose company Ineos operates the Grangemouth oil refinery near Falkirk, said the vote will not make a difference to the future of the plant. | Jim Ratcliffe, whose company Ineos operates the Grangemouth oil refinery near Falkirk, said the vote will not make a difference to the future of the plant. |
| He told the BBC: "[Grangemouth] will survive in both scenarios. I don't think the Scottish vote will make any difference to Grangemouth one way or the other." | He told the BBC: "[Grangemouth] will survive in both scenarios. I don't think the Scottish vote will make any difference to Grangemouth one way or the other." |
| British Chambers of Commerce | British Chambers of Commerce |
| The British Chambers of Commerce said its members are not saying "Yes" or "No" to Scottish independence, but they're looking for clarity on four issues. | The British Chambers of Commerce said its members are not saying "Yes" or "No" to Scottish independence, but they're looking for clarity on four issues. |
| Head of policy, Simon Jack, told the BBC: "[Members] want to know what's going to happen on currency, they want to know what's going to happen on tax, they want to know what's going to happen on pensions, and they want to know what's going to happen on Europe. | Head of policy, Simon Jack, told the BBC: "[Members] want to know what's going to happen on currency, they want to know what's going to happen on tax, they want to know what's going to happen on pensions, and they want to know what's going to happen on Europe. |
| "What they aren't saying to us is yes or no, what they're saying to us is we want to know what's going to happen on these particular issues because otherwise we are being asked to make a prediction based upon something we as a business would never do." | "What they aren't saying to us is yes or no, what they're saying to us is we want to know what's going to happen on these particular issues because otherwise we are being asked to make a prediction based upon something we as a business would never do." |
| Alliance Trust | Alliance Trust |
| Investment firm Alliance Trust has said it is setting up companies registered in England ahead of the referendum. | Investment firm Alliance Trust has said it is setting up companies registered in England ahead of the referendum. |
| The Dundee-based company said it had to remain focused on services in the UK and beyond. | The Dundee-based company said it had to remain focused on services in the UK and beyond. |
| Chief executive Katherine Garrett-Cox said: "The referendum in September is creating uncertainty for our customers and our business, which we have a responsibility to address. | Chief executive Katherine Garrett-Cox said: "The referendum in September is creating uncertainty for our customers and our business, which we have a responsibility to address. |
| "Regardless of the outcome it is critical that we are able to provide continuity of service and protection for their investments and savings. | "Regardless of the outcome it is critical that we are able to provide continuity of service and protection for their investments and savings. |
| "To give them full confidence, we have started work to establish additional companies registered in England, in order to provide operational flexibility and to complement our existing business in Scotland." | "To give them full confidence, we have started work to establish additional companies registered in England, in order to provide operational flexibility and to complement our existing business in Scotland." |
| Aviva | Aviva |
| The boss of insurance giant Aviva, Marks Wilson, has stressed that he is neutral in the independence debate, saying that it is a decision for the Scottish people. | The boss of insurance giant Aviva, Marks Wilson, has stressed that he is neutral in the independence debate, saying that it is a decision for the Scottish people. |
| He said: "Obviously we are looking with interest at what's going on, but I really think that's an issue for the Scottish people. | He said: "Obviously we are looking with interest at what's going on, but I really think that's an issue for the Scottish people. |
| "We operate all around the world and we operate in many jurisdictions and in many places so I really think that's not an issue for us to focus on." | "We operate all around the world and we operate in many jurisdictions and in many places so I really think that's not an issue for us to focus on." |
| Aggreko | Aggreko |
| The temporary power firm, Aggreko, said that independence would make doing business more complex, but that it would find a way to deal with it. | The temporary power firm, Aggreko, said that independence would make doing business more complex, but that it would find a way to deal with it. |
| The Glasgow based enterprise said: "If Scotland were to leave the United Kingdom and become an independent country, it would likely burden our UK business with added operating complexity and cost. | The Glasgow based enterprise said: "If Scotland were to leave the United Kingdom and become an independent country, it would likely burden our UK business with added operating complexity and cost. |
| "There is also a risk that the outcome of the issues of currency and membership of the EU will not be helpful to our business. | "There is also a risk that the outcome of the issues of currency and membership of the EU will not be helpful to our business. |
| "At the very least, if Scotland votes for independence we will face some years of uncertainty and hiatus." | "At the very least, if Scotland votes for independence we will face some years of uncertainty and hiatus." |
| Aggreko stressed, however, that it would "find ways to manage around this challenge if it arises". | Aggreko stressed, however, that it would "find ways to manage around this challenge if it arises". |
| Standard Life | Standard Life |
| Standard Life has had its headquarters in Scotland for 189 years. However, its annual report stated that it would consider moving parts of it business elsewhere in the event of Scottish independence. | Standard Life has had its headquarters in Scotland for 189 years. However, its annual report stated that it would consider moving parts of it business elsewhere in the event of Scottish independence. |
| The report said Scotland had been a great base for the company, but added: "If anything were to threaten this, we will take whatever action we consider necessary - including transferring parts of our operations from Scotland - in order to ensure continuity and to protect the interests of our stakeholders." | The report said Scotland had been a great base for the company, but added: "If anything were to threaten this, we will take whatever action we consider necessary - including transferring parts of our operations from Scotland - in order to ensure continuity and to protect the interests of our stakeholders." |
| British Airways | British Airways |
| Willie Walsh, the chief executive of British Airways' owner company, IAG, was positive about independence due to what he believed would be more favourable tax rates. | Willie Walsh, the chief executive of British Airways' owner company, IAG, was positive about independence due to what he believed would be more favourable tax rates. |
| He told the BBC: "If anything, [Scottish independence] might be marginally positive because I suspect the Scottish government will abolish air passenger duty, because they recognise the huge impact that that tax has on their economy. | He told the BBC: "If anything, [Scottish independence] might be marginally positive because I suspect the Scottish government will abolish air passenger duty, because they recognise the huge impact that that tax has on their economy. |
| "So, it's probably going to be a positive development - if it does happen - for British Airways." | "So, it's probably going to be a positive development - if it does happen - for British Airways." |
| Lloyds | Lloyds |
| Lloyds - which is Britain's biggest bank - said that uncertainty surrounds what would happen in the event of a "yes" vote in the referendum. | Lloyds - which is Britain's biggest bank - said that uncertainty surrounds what would happen in the event of a "yes" vote in the referendum. |
| Its annual report stated: "The impact of a yes vote in favour of Scottish independence is uncertain. | Its annual report stated: "The impact of a yes vote in favour of Scottish independence is uncertain. |
| "The outcome could have a material impact on compliance costs, the tax position and cost of funding for the group." | "The outcome could have a material impact on compliance costs, the tax position and cost of funding for the group." |
| Ryanair | Ryanair |
| Michael O'Leary, chief executive of Ryanair, said he supported the position of the Scottish government in relation to the abolition of air passenger duty in an independent Scotland. | Michael O'Leary, chief executive of Ryanair, said he supported the position of the Scottish government in relation to the abolition of air passenger duty in an independent Scotland. |
| He explained: "There's no doubt that most airlines would support the position of the Scottish government in relation to the abolition of the APD (air passenger duty), which does untold damage to Scottish tourism." | He explained: "There's no doubt that most airlines would support the position of the Scottish government in relation to the abolition of the APD (air passenger duty), which does untold damage to Scottish tourism." |
| "If the air travel tax were repealed by the UK government or an independent Scottish government, you'd see visitors to Scotland double over a five to 10 year period." | "If the air travel tax were repealed by the UK government or an independent Scottish government, you'd see visitors to Scotland double over a five to 10 year period." |
| BP | BP |
| Bob Dudley, BP boss, said that the prospect of Scottish independence created "a big question mark" which will create concern for all businesses. | Bob Dudley, BP boss, said that the prospect of Scottish independence created "a big question mark" which will create concern for all businesses. |
| He said: "We have a lot of people in Scotland, we've got a lot of investments in Scotland. There's much debate about what would happen with the currency and of course whether there would be connections with Europe or not. | He said: "We have a lot of people in Scotland, we've got a lot of investments in Scotland. There's much debate about what would happen with the currency and of course whether there would be connections with Europe or not. |
| "These are quite big uncertainties for us. At the moment we're continuing to invest at the (same) pace because these projects are under way. | "These are quite big uncertainties for us. At the moment we're continuing to invest at the (same) pace because these projects are under way. |
| "But it's a question mark. I think all businesses have a concern. My personal view is Great Britain is great and it ought to stay together." | "But it's a question mark. I think all businesses have a concern. My personal view is Great Britain is great and it ought to stay together." |
| Shell | Shell |
| The chief executive of the oil company, Shell, wants Scotland to remain in the UK for the sake of "continuity and stability". | The chief executive of the oil company, Shell, wants Scotland to remain in the UK for the sake of "continuity and stability". |
| Ben van Beurden said: "We're used to operating in uncertain political and economic environments. But, given a choice, we want to know as accurately as possible what investment conditions will look like 10 or 20 years from now. | Ben van Beurden said: "We're used to operating in uncertain political and economic environments. But, given a choice, we want to know as accurately as possible what investment conditions will look like 10 or 20 years from now. |
| "As a global business with feet planted firmly on both sides of the Channel, we also believe that the UK's national interests are best served by a close relationship with Europe. | "As a global business with feet planted firmly on both sides of the Channel, we also believe that the UK's national interests are best served by a close relationship with Europe. |
| "It's for similar reasons that we'd like to see Scotland remain part of the United Kingdom. | "It's for similar reasons that we'd like to see Scotland remain part of the United Kingdom. |
| "Shell has a long history of involvement in the North Sea - and therefore in Scotland - and we continue to invest more than a billion pounds there every year." | "Shell has a long history of involvement in the North Sea - and therefore in Scotland - and we continue to invest more than a billion pounds there every year." |
| RBS | RBS |
| Ross McEwan, chief executive of RBS, said that the bank could adapt to independence if it had to. | Ross McEwan, chief executive of RBS, said that the bank could adapt to independence if it had to. |
| He said: "We've been in Scotland for nearly 300 years. So I need to take this independence issue very seriously. | He said: "We've been in Scotland for nearly 300 years. So I need to take this independence issue very seriously. |
| "It's really important that the Scottish people get the opportunity to vote, and then if I need to adapt my business to serve England, Scotland, Wales and both the Republic of Ireland and Northern Ireland, then I will." | "It's really important that the Scottish people get the opportunity to vote, and then if I need to adapt my business to serve England, Scotland, Wales and both the Republic of Ireland and Northern Ireland, then I will." |