With the upcoming referendum, this week Axis for Business explores the news that two thirds of Scottish small businesses want to stay in the UK.
Axis for Business has Been Following the Scottish Independence Debate
As a telecoms and energy supplier which is able to bring the highest quality and competitively priced services to small businesses throughout the UK, Axis for Business strives to bring you the small business industry news that you need to know.
We have been following the Scottish independence debate steadfastly here at Axis for Business over the past few months, as it could have economic ramifications for small businesses across the country. This viewpoint was highlighted by a recent survey, which suggested that two thirds of small Scottish companies wish to remain in the UK.
What Do Scottish Small Businesses Think of Scottish Independence?
According to Management Today, a recent survey of members from the Forum for Private Business, revealed that 68% of small Scottish firms believe that Scotland should remain in the UK.
Notably, this figure is lower than it was back in October 2013. At that time, 72% of respondents wished for Scotland to remain a part of the UK. However, 53% of those surveyed still said they believe that independence will threaten the country’s economic growth.
Why are Scottish Small Business’ Worried about Independence?
When broken down, these figures reveal why Scottish small businesses are worried about independence. 73% responded to the survey by saying that they were worried by the lack of information over the effects of independence on regulation and taxation. Meanwhile, 72% highlighted currency concerns – whether Scotland would be able to keep the British pound- and 70% showed concerns over the effect of independence on the availability of natural resources and transport.
This is compounded by the fact that larger companies have voiced similar concerns over the consequences of independence, including RBS and Lloyd’s, which are both headquartered in Scotland. Standard Life, meanwhile, has suggested it will move its headquarters to England in the event of a yes vote.
How Will Scottish Independence Effect Small Businesses across the UK?
Whether these worries will bear any fruit is yet to be seen, but the fact that so many small Scottish businesses have concerns over the ramifications of independence is telling in and of itself. It seems clear that should Scotland become independent, there are several issues that small businesses across the UK would be left to contend with.