An independent Scotland would jeopardize pensions and raise costs for companies, Chief Secretary to the Treasury Danny Alexander will say today as he reiterates the U.K. won’t agree to a currency union.
Standard Life Plc, the life insurer founded in Scotland in 1825, said it’s preparing to shift business elsewhere should voters opt for independence from the U.K. and risks around the currency and regulation increase.
Aggreko Plc Chief Executive Officer Rupert Soames warned of the financial cost to companies should Scotland leave the U.K. and lose the pound, while other business leaders said they would cope with any currency.
Prime Minister David Cameron said remaining in the U.K. would give Scotland the “maximum benefit” from North Sea oil and gas reserves, as he clashed with nationalist leader Alex Salmond over independence.
Scottish First Minister Alex Salmond disputed the argument of U.K. ministers that an independent Scotland would lose the pound, saying businesses in the rest of the U.K. would forbid something that drove up transaction costs.