Shell, Barclays and Lloyds warn Scotland over independence

“Given a choice, we want to know as accurately as possible what investment conditions will look like 10 or 20 years from now,” he continued.

Mr Van Burden likened Scotland’s place in the UK to the UK’s place in the European Union – which he also supports – saying it all boils down to economic competitiveness.

Lloyds, meanwhile, used the publication of its annual report to caution investors on the problems that could be caused by a “yes” vote.

The bank, which is domiciled in Scotland, said the outcome of September’s vote on independence, while uncertain, could have a “material impact” in a number of key areas, including tax and cost of funding.

Barclays, despite having a relatively small Scottish footprint, said the referendum, along with the UK’s possible European Union vote in 2017, could affect the bank’s risk profile by “introducing potentially significant new uncertainties and instability in financial markets”.

The trio of warnings come a week after Standard Life and the Royal Bank of Scotland warned that a “yes” vote would pose a serious risk to their respective businesses.

The two financial services specialists were the first companies to put their heads above the parapet on the subject of independence. It followed months of speculation, on both sides of the border, as to growing concern among the business and finance community about the risks posed by an independent Scotland.

Lloyds made its warning in a brief section in its annual report, cautioning: “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.”

To mitigate such risks, the bank said it will monitor and assess the potential impact on both its business and on customers.

The statement follows The Telegraph’s report two weeks ago that TSB – which is wholly owned by Lloyds – will be domiciled in England rather than Scotland for tax purposes.

Earlier this week, Scoban, Scotland’s newest bank, admitted it is “concerned” by the prospect of the country voting for independence. The new private bank, which only gained its banking licence this week, said it was worried about currency issues an independent Scotland would face.

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