Businesses relieved in the aftermath of Scottish referendum

‘Will they, won’t they?’ It was the question that dominated all of last week as the UK eagerly awaited Scotland’s verdict on the referendum.

As we now know, of course, the polls which had the yes vote in the lead right up until the final hours transpired to be false and on 18 September 55 per cent of Scots voted against independence. For huge numbers of people there was a palatable sense of relief when the results came in, something particularly evident within the business world.

Six days on, with the dust finally settled on one of the most momentous political days in modern British history, business leaders have been expressing their collective pleasure that England and Scotland will remain united. Terry Scuoler, chief executive of EEF, the organisation that represents roughly a quarter of the UK’s manufacturing businesses described the result as “a victory for common sense and a recognition of the economic realities of the world in which we live”.

John Cridland, director-general of the CBI, added: “We’re all relieved, because clearly it got very close.”

This relief largely stems, it would seem, from escaping the uncertainty that shrouded the yes vote. What currency would Scotland use? What tax rates would they enforce? What would it mean to trade, business and jobs? These were all questions without definite answers and so if nothing else business owners are grateful that things will remain the same when they could have easily have gotten worse.

Mr Cridland explained: “Let’s understand what’s important about the union for business – it’s the single internal market, which must not be undermined by devolution.”

As the economic recovery is still in a fragile state, stability was critical and the no vote has gone a long way to provide that.

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