Glasgow Business . 29
www.glasgowchamberofcommerce.com
“Businesses are distinctly unimpressed with the quality of the referendum debates so far, with 56 per cent rating them as poor or worse”
“Politicians oſten characterise
the decision we will make in stark terms and the reality is that many people in the business world cannot relate to this. “We must also take into
Alistair Darling, Leader of the Better Together campaign
consideration that views vary depending on where companies are trading, the size of the company and the sectors that businesses are operating in.” Stuart says the Scotish
Liz Cameron, Chief Executive,
Scotish Chambers of Commerce, said the referendum debate has been characterised by the weighing of opportunities against risks. Te survey highlighted a fine balance, with a majority of businesses identifying potential opportunities from independence (53 per cent) but balanced by more than three quarters (77 per cent) identifying potential risks. Scotish businesses are actively
preparing for the potential outcomes of the referendum, with almost a quarter of businesses having already changed business decisions and almost half saying their business strategy will change if Scotland becomes independent. What is interesting is a desire
for more decisions to be taken by Scots in Scotland, whatever the outcome. With 22 per cent of businesses identifying more appropriate policies coming from a Scotish Government as the
main business opportunity of independence, while 68 per cent would welcome more powers for the Scotish Parliament in the event of a No vote. Te preferred option of most
Scotish businesses is the retention of sterling as part of a formal currency union with the remainder of the UK (62 per cent). Te debate over alternative currency options has created genuine uncertainty among those with the majority of their trading with the rest of the UK and Europe. Te Chambers are now urging
the Scotish Government to develop detailed plans for the currency as the likelihood of the UK Government agreeing to a post-independence currency union has become a key question. Another mater is Scotland’s
place in Europe. “Membership of the European
Union is extremely important for most Scotish businesses
“Scottish businesses are preparing for the potential outcomes, with almost a quarter having already changed business decisions”
irrespective of the outcome of the referendum. We call upon the Scotish Government to detail the processes and timelines they will undertake in order to ensure continuity of EU membership and allow businesses to plan for future investment,” said Liz. Issues such as currency topped
the list of concerns, followed by business rates and income tax, which are either entirely or partially devolved. Interestingly, Scotland’s politicians already have the ability to deal with this but have not brought forward any ambitious plans to tackle these issues. A persistent view from business is that a new radical approach to the reform of business rates is required, and that such levers are already under the control of the Scotish Parliament. Both sides of the debate leſt
Scotland’s business community unimpressed with the standard of argument. “Businesses are distinctly
unimpressed with the quality of the referendum debates so far, with 56 per cent rating them as poor or worse. Te various political analyses do not seem to be hiting the mark as far as business is concerned,” added Liz.
Chambers’ survey mirrored the business view in Glasgow with currency, corporation tax, and even business rates and regulation as key topics. “We also asked our members
about their atitude to opportunity and appetite for risk. While many see great opportunity with Scotland going it alone, there are equally others who are extremely cautious about moving into the unknown - and unknowable,” said Stuart. Tere was a resounding vote
from Glasgow members who wanted to keep the pound, and in the event of No vote, more than 80 per cent said there were in favour of further devolved powers for Scotland, suggesting devo-max was gaining momentum. Are business leaders now
equipped with the answers to critical questions about the future? “I know Glasgow businesses
have taken this extremely seriously, but I think the vast number of people have now made up their mind,” said Stuart. “Our members are right to be sceptical precisely because of the uncertainty. “Te impression we got back
is that the case for independence against remaining in the Union with the rest of the UK still has a considerable way to go.”
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