Businesses leaders 'breathe a sigh of relief' after referendum vote
New powers for Scotland must be used to boost its competitiveness after businesses breathed a “collective sigh of relief” at the No vote today.
Simon Walker, director general of the Institute of Directors (IoD), said it was likely that the devolving of further power to the Scottish Parliament will give the people of Scotland more of a say over how to manage their economy.
He said: “There can be no doubt that many businesses will breathe a sigh of relief that the prospect of a contentious currency debate and prolonged economic negotiations have been avoided, and yet we know that significant changes are still on the cards.
“As negotiations commence on a future settlement for Scotland, the focus must be on ensuring that any new powers are used to boost Scotland’s economic competitiveness, unleash enterprise and attract further investment.
“We are now at the beginning of a national debate about economic devolution. The Scots started that debate, and now it’s time for all of us to contribute new ideas about how our nations, regions and cities are run for the benefit of the entire country.”
CBI director-general John Cridland said: “This is a momentous day for our United Kingdom and this result will be greeted by a collective sigh of relief across the business community.”
Mr Cridland, who leads an organisation which speaks on behalf of 190,000 businesses employing nearly seven million people, said business had always believed that the Union was best for creating jobs, raising growth and improving living standards.
He added: “As the debate now moves to the question of further devolution, it is important that it does not undermine the strength of the single internal market and it is in the best interests of citizens living in England, Wales and Northern Ireland, as well as those in Scotland.
“Now is also the time to rebuild relationships outside the UK to reassure international investors and other partners that we will emerge stronger and more confident in the months and years ahead.”
Terry Scuoler, chief executive of EEF, the manufacturers’ organisation, said: “Business will be relieved that the uncertainty is now over and can get on with the day job of generating growth and creating jobs.
“The Government must act on its promises and quickly start to implement the devolution proposals that have been put forward and rebuild trust and confidence.”
Johnnie Walker whisky maker Diageo said it will work with the UK and the Scottish governments to ensure the most favourable business environment possible for the firm and Scotch whisky as an industry.
The company said: “Scotch whisky is a very successful and growing export industry for Scotland. The future for this sector will remain bright provided there is no further regulation or taxation on the industry.
“This is important because in the world market, Scotch whisky competes fiercely with other categories, such as American whiskey, Irish whiskey and other whiskies.”
