By Daniel Hunter

In his first major speech as CBI President Sir Mike Rake told Scottish business leaders that the break-up of the UK could be costly and create significant economic dislocation.

Speaking at the CBI Scotland Annual Dinner in Glasgow last week alongside the Deputy Prime Minister, the Rt Hon Nick Clegg, Sir Mike will said: “Firstly, I would like to say that the independence issue is unequivocally a decision for the Scottish people. The CBI has an interest as the outcome will have significant potential impacts on businesses and consumers in Scotland and across the whole of the UK.

“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.

“The economic implications of independence published by the Treasury raised serious questions around the costs of independence, such as maintaining different cross-border tax, regulatory and legal systems, as well as and the significant issue of currency.

“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.”

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