CBI ‘not convinced’ on case for Scottish independence

The Confederation of British Industry has said breaking up the UK could be costly and could create significant economic dislocation.

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Speaking at the CBI Scotland annual dinner last night, new CBI president Sir Mike Rake said the campaign for an independent Scotland had not properly answered a number of issues raised by the Treasury’s recent analysis of the cost of Scottish independence, including how cross border tax arrangements, shared regulatory and legal systems and a shared currency would work.

Rake said: “The CBI is not convinced of the economic case for independence and has asked some important questions of the Scottish Government. These need to be clearly answered so that the Scottish electorate can make their decision with full knowledge of the potential business and economic implications of independence.”

Rake also said the question of Scotland’s place in Europe remained unclear.

Rake said: “What would be the implications of independence on our unified labour market, integrated infrastructure and our catalogue of well-honed business arrangements, and our position in the European Union?  That’s why it is so important for the Scottish Government to fully respond and we look forward to the publication this autumn of the independence white paper.”