Scottish business leaders prepare to unite against independence

Many company bosses have said they want to remain neutral because their workforces are divided on the issue of independence. However, some have complained privately of being under intense pressure from the SNP not to speak out against independence. The heads of publicly listed companies have limited their views to their risk statements in their company report and accounts.

The signatories have put their names to Mr Cochrane’s list in a personal capacity. The engineering boss has been an outspoken critic of Scottish independence. “For business the conclusions seem clear: the costs of independence are guaranteed but the benefits are uncertain,” he has said. “That has the potential to make Scotland less competitive, not more.”

But Mr Cochrane is understood to be keen for this campaign to focus on the economic case for union, rather than the negative scraps over the pound, the Bank of England and North Sea oil. The statement, which follows a similar letter signed by a collection of artists, film makers and those in other creative industries, highlights the shared economic and business benefits of remaining part of the UK.

It will be launched at a crucial moment in the independence campaign. On Monday Mr Salmond faces Alistair Darling, the former Chancellor and head of the Better Together campaign, for their second televised debate.

In the first debate two weeks ago, Mr Salmond was booed by the audience for his failure to explain what currency an independent Scotland would have. Since then, the leader has said Scotland will use the pound “come what may”.

However, this week one of Alex Salmond’s most senior economic advisers has admitted it is “entirely possible” a currency union would not be agreed after independence.

The uncertainty over Scotland’s potential economic and regulatory framework has led to a series of risk warnings from publicly listed companies. David Nish, the chief executive of Standard Life, has warned that the pensions and savings giant has made contingency plans to shift parts of its business south of the border in the event of independence. The Royal Bank of Scotland and Lloyds Banking Group, two of Scotland’s biggest employers, have also warned of the risks due to uncertainties around currency, liquidity and regulation.

Mr Cochrane and Weir Group declined to comment.

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