CBI Scotland chief says costs of independence must be explained

The Scottish Government must be “open and realistic” about any risks and costs of independence, the CBI Scotland has said.

In a New Year message, Iain McMillan, director of CBI Scotland, said companies are concerned about issues such as currency and membership of the EU.

The organisation has set out its position to remain in the UK.

Mr McMillan also highlighted concerns about any cost implications for businesses.

“The laws and rules, currently common to both Scotland and the rest of the UK, will diverge over time, thus raising the cost of conducting business across the Scottish border with other parts of the UK.

“Scotland’s tax system will diverge from that in other parts of the UK and result in more costly and complex operations.

“Companies will have to deal with more than one regulator in a number of sectors including financial services, thus fuelling additional costs for business.

“While pressing their case for independence, the Scottish Government also needs to acknowledge these risks and costs and inform the people of Scotland that they have credible and sophisticated measures ready to deal with them.”