Brussels, 25/08/2014 (Agence Europe) - With the fateful day approaching, economic circles in Scotland have flagged up uncertainties in the programme of the pro-independence Scottish National Party (SNP), if the “ayes” should have it on 18 September, in the referendum on the country's independence. This comes as the gap between the two camps is slowly widening, in favour of the Unionists.
In an open letter published in the Daily Telegraph on Friday 22 August, the head of the British bank HSBC, Douglas Flint, also speaking as an “exiled Scot”, spoke of the “economic uncertainty” into which Scotland would be plunged by taking its independence. He laid particular emphasis on the “uncertainty surrounding the future of Scotland's currency”, which he feels could “lead to a capital flight, leaving the financial system in an alarming condition”.
The Royal Bank of Scotland has also expressed reservations over the pro-independence movement's scenario of creating their own monetary union whilst continuing to use the pound sterling, although the euro has been put forward as a long-term alternative. In early August, a report by the bank described the impact on its credit rating in the event of a “yes” vote in the referendum. The report also took stock of the impact on the “fiscal, monetary, legal and regulatory” landscape of the group.
As regards industry, the company Diageo, which markets Johnny Walker whisky, has voiced concerns over access to the European single market and keeping in place the export subsidies granted by London, AFP reports. The oil companies BP and Shell, which are active in the North Sea off the coast of Scotland, have made clear their support for staying in the union, even though supporters of independence are trading heavily on offshore resources to ensure the future of the hypothetical new state. Earlier this year, Scotland's largest insurance company, Standard Life, quite simply announced that it would move its operations and staff away from its Edinburgh headquarters in the event of independence.
These reminders of the economic realities may seal the fate of undecided Scottish separatists: whilst the “yes” vote remains unchanged at 32%, the “noes” have risen to 45% (up four percentage points in one month), according to the latest surveys. (MD)