Tycoon warns on Scottish Yes vote
SIR Tom Hunter, Scotland's first billionaire, has expressed major concerns about the economic impact of a Yes win this week as campaigning reaches its critical phase.
Hunter, who made his fortune in sports retail, has hit out at the uncertainty surrounding which currency would be used and the potential difficulties in doing business if Scotland goes it alone. He said: "Currency is a huge issue. We still don't know what it will be. This is a major concern that is weighing on my mind."
A formal currency union has been ruled out by Westminster, so Scotland would be forced to choose between using sterling informally, joining the euro or creating a new currency.
The billionaire philanthropist added: "There could be costly trade barriers put up in terms of taxes and levies. Up to 70 per cent of Scottish trade is done with the rest of the UK, so we could end up having to learn to be exporters."
Could it be better in an independent Scotland? Possibly, but we just don't know as there are no facts
While he had "much sympathy" with the idea of a small country taking its own decisions, he said that doing business in the UK had been trouble free: "The Union, from a business perspective, has worked very well for me and my businesses over the years.
"I have had no barriers to doing business, so that was great. Could it be better in an independent Scotland? Possibly, but we just don't know as there are no facts."
Hunter also hit out at the last-ditch attempts by David Cameron, Ed Miliband and Nick Clegg to ensure a No vote victory, brandishing their antics "embarrassing". In a message directed at the Scottish people, he said: "Long after Alex Salmond and David Cameron have left the field, our children, their children, will have to deal with the consequences of how we vote next week, so we had better get it right."
Hunter, who has already voted by post but declined to reveal how, has taken it upon himself to educate voters on their choice. He believes the decision is "too important to leave to politicians" and has set up ScotlandSeptember18.com where voters can access an ebook written by respected intellectuals outlining views from both sides of the debate.
Last week a spate of big firms, including Royal Bank of Scotland, Lloyds Banking Group and Standard Life, said they would move their businesses to England in the event of a victory for the Yes campaign. On Friday the IMF also raised concerns about a Yes vote leading to turmoil in financial markets and singled out uncertainty over currency as a key concern.
