By Alex MacDonald
LONDON--More than 130 business leaders have signed an open
letter slamming the case for Scottish independence, marking the
biggest intervention by the U.K. business community in the
referendum debate so far.
Voters will decide on Sept. 18 whether Scotland should exit the
U.K., ending a union agreement with England that has been in place
since 1707. Unionists and secessionists have been sparring over who
can offer Scots the brightest economic future.
Polls suggest Scots will choose to remain in the U.K. when they
cast their ballots, but pro-independence campaigners believe a
swath of undecided voters could still tip the balance in their
favor.
In the open letter, published in the Scotsman newspaper
Wednesday, the group of top businessmen said that after looking
carefully at the arguments on both sides of the debate they
concluded that "the business case for independence has not been
made."
The group includes signatories such as Andrew Mackenzie, chief
executive of the world's largest diversified miner BHP Billiton
Ltd, Douglas Flint, chairman of HSBC Holdings PLC and Simon
Thomson, CEO of Cairn Energy PLC.
"Uncertainty surrounds a number of vital issues including
currency, regulation, tax, pensions, EU membership and support for
our exports around the world; and uncertainty is bad for business,"
the group wrote in the letter, adding the outcome of the referendum
would affect generations to come.
The letter follows cautious comments on the referendum from a
number of executives.
Royal Bank of Scotland Group Chairman Philip Hampton has
previously said the vote has caused "a great deal of uncertainty"
and that the bank is considering the possible business implications
of a yes vote and its response.
While Ivan Menezes, the CEO of Diageo PLC, the world's biggest
producer of Scotch whisky, has said it is "extremely important" for
the company--and the Scotch whisky industry--to remain part of the
European Union so it could benefit from "free-trade agreements
around the world."
An independent Scotland's immediate membership in the EU has
been cast into doubt because it would require the approval of all
existing member states, often a drawn-out process.
Write to Alex MacDonald at alex.macdonald@wsj.com
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