A new report release by The Weir Group – one of Scotland’s largest companies – says that businesses will likely be subject to tax increases if independence goes ahead.
The study, which was prepared by a team of expert economists, said tax hikes would impose substantial costs regardless of whether or not Scotland kept the pound, with the potential benefits “uncertain”.
It also predicted that there would be cuts to private pensions, increased mortgage and borrowing costs, £9 billion of public spending cuts, £1.3 billion of cross-border transaction costs in the first year alone and reductions in exports to the remainder of the UK.
The Weir Group were keen to highlight the differences between their findings and those of the Scottish government.
Keith Cochrane, CEO of the Weir Group, said:
“Unsurprisingly, as a political document, the Scottish Government’s White Paper paints a picture of independence as being a risk-free option with only potential benefits.
“However, voters should be aware that what they are being asked to say Yes to carries substantial risks to our economy and therefore to the quality of life of millions of people.”
He also warned that a Yes vote in September would force the Weir group to review its operations in Scotland, where it is currently headquartered and employs 600 people.
Photo by the justified sinner