Scottish referendum 'damaged UK economy', says survey

Posted by Unknown on Sunday, September 21, 2014


Fewer than one in three said the vote, which returned a 55pc majority in favour of the Union, had left the economy unharmed, while around one in five remained unsure.




He added: “It is clear the old ‘status quo’ has been consigned to the history books; the challenge ahead calls for leadership skills and financial expertise to establish a new balance of power so the UK’s economic and business recovery can continue its upwards surge.”


Britain’s business community heaved a sigh of relief following last week’s ‘No’ vote.


But a string of leading economists warned that the ensuing negotiations on granting Scotland more powers - in an arrangement known as “devo max” - would create further uncertainty for business.


Scotland’s outsized financial services sector, which counts banking giants Royal Bank of Scotland and Lloyds and insurer Standard Life among its numbers, was especially rocked by the independence debate.


Bosses at all three revealed they were making “contingency plans” in the event of Scottish secession.


While they dropped their immediate plans following the ‘No’ vote, Lloyds left the door open to moving some operations South by promising only to retain a “significant presence” in Scotland following the vote. Standard Life also sounded a cautious note, saying it would “consider the implications” of any constitutional changes and protect the interests of the business and customers.





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