Scottish businesses say risks of independence outweigh benefits, research suggests

In all sectors, business leaders identified uncertainty as the main challenge they faced. They considered the key risks in the event of independence to be currency, new regulations, taxes -particularly income taxes, recruitment and retention of employees, and EU membership. The perceived opportunities for businesses post-independence are government funding or subsidies, income tax decreases, liberal immigration policies, and corporation tax cuts.

How businesses are responding to the Scottish independence debate depends on where most of their customers are based and their ownership structure. Publically owned companies with headquarters in Scotland and a client base predominantly in the rest of the UK are more likely to be considering contingency plans in the event of a yes vote. Scottish companies with global customers and foreign-owned businesses with Scottish branches appear to be not prioritising contingency planning to the same level.

The study is based on more than 60 interviews with senior business leaders in randomly selected medium – more than 50 employees - and large - more than 250 employees – companies. The interviewees worked in a range of strategically important industries across Scotland.