Economic case for independent Scotland has not yet been made says CBI

CBI president Sir Mike Rake has said that there has been no viable economic case for an independent Scotland.

With just under 3 weeks to go until the Scottish Referendum, Sir Mike Rake has said that CBI has a right and a duty to raise questions about issues of legitimate interest for businesses, workers and citizens across the UK.

The question is not whether an independent Scotland would survive outside the UK but whether it would prosper, he said.

Speaking at the CBI Scotland Annual Dinner at the Hilton Hotel, Glasgow, Sir Mike said that he firmly believes that the UK is and always has been greater than the sum of its parts and will warn that the risk of a yes vote for Scotland and the UK is enormous.

Sir Mike said: “Undoubtedly, the decision on Scotland’s future is ultimately one for the voters here in Scotland.

“In three weeks’ time, a yes vote based on so many substantive questions unanswered, will be a binary decision – a one way ticket to uncertainty with no return.

“Currency union is an example. The liability, exposure and lack of control such a union would levy on the UK taxpayer makes it an obvious non-negotiable position for the UK Government. It’s why we wanted to see what the Scottish Government’s alternative plan would be.

“The goods and services from key sectors in Scotland like finance, energy, and defence thrive by virtue of being part of our internal market of 60 million consumers, as well as being linked to a network of regulation, investments, and support.

“We should have no fear of drawing strength from what is achievable as one state. Scotland also benefits from the gifts of our shared institutions: the NHS, the BBC, the Royal Mint, the Armed Forces …200 bodies in all.

“But there is a profound difference between how we share them now, and the sharing of them with a neighbouring but separate nation state. Nothing can be taken for granted, and there are no guarantees.

“As a new state, Scotland would have to leave and reapply to join and negotiate the terms of its EU membership. And to achieve this may well mean signing up to the Euro and Schengen.

“So, the question is whether all this negotiation would match the favourable terms established by the UK? Nothing can be taken for granted, and there are no guarantees.”

Sir Mike also raised the UK’s global future and will make clear that open markets are an essential part of an open economy.