Warning over cost of Yes vote... from one of SNP’s main backers
Leaving UK would damage businesses, says bus giant founded by Sir Brian Souter
HE is one of the SNP’s biggest funders but even Sir Brian Souter’s Stagecoach has admitted a Yes vote could be bad for business.
The bus giant joins a growing list of Scots firms to raise fears over the impact of Alex Salmond’s bid to break up Britain.
Standard Life, the Weir Group and Barrhead Travel – whose boss Bill Munro was subsequently targeted by cybernats – have all warned about the consequences of a Yes vote.
However, the concerns raised by Stagecoach – over the impact on regu-
‘One-way ticket to a poorer nation’
lation and funding – is particularly embarrassing for Mr Salmond.
Only last month, Sir Brian pledged £1million to the SNP and has given £100,000 to pro-separation campaign group Christians for Independence.
Despite this, Stagecoach’s preliminary annual report references independence under ‘principal risks and uncertainties’.
It says: ‘Regulatory changes and availability of public funding – there is a risk changes to the regulatory environment or changes to the availability of public funding could affect the group’s prospects.
‘Such changes may arise as a result of the outcomes of the September 2014 referendum on Scottish independence and/or the 2015 UK general election.’
Unionists seized on the comments as proof that even the most committed supporters of independence recognise the economic risks.
Ian Murray, shadow business minis- ter and Labour MP for Edinburgh South, said: ‘When even Brian Souter, who has bankrolled the Nationalists for years, thinks separation is a big risk, you know Alex Salmond has a problem. This intervention drives a coach and horses through the Nationalists’ case for separation.
‘Breaking up the UK would be a big risk for Scotland. Stagecoach is right to highlight the risk separation poses to public funding in Scotland.
‘When Alex Salmond can’t even tell us the basics like what would replace the pound, how pensions would be afforded or what would happen to funding for our schools and hospitals, it’s no surprise the majority of Scots are saying No Thanks to separation.’
Mr Murray added: ‘Being part of the UK single market works well for firms like Stagecoach. Scottish employers have access to a market of 63million people across the UK, rather than five million people in Scotland. Where is the sense i n putting up barriers between Scottish firms and their customers based elsewhere in the UK?’
Scottish Tory deputy leader Jackson Carlaw said: ‘Surely it’s ironic for Brian Souter to wager an each way bet, mouthing off and bankrolling Yes Scotland on the one hand, despite it seems, his views as the public face of Stagecoach being far from representative of
the very company he has built from scratch?
‘Scotland and Stagecoach realise independence is a one-way ticket to a poorer nation.’
Scottish Lib Dem leader Willie Rennie said: ‘When it comes down to the nitty-gritty of his business, even Brian Souter recognises the risks of independence. The questions on Alex Salmond’s independence plans are stacking up day by day. With concerns now coming from their strongest supporters, the Nationalists should give people the facts they deserve on issues like set-up costs, EU membership and currency.’
The overall Stagecoach report is encouraging for the company, with an operating profit of more than £200million, an increased share price and a reduced debt.
Chief executive Martin Griffiths said: ‘In the UK, we have placed record orders for new vehicles at our regional bus networks in 201415, a sign of our confidence in continuing to get people out of their cars and back on board the bus.’
Yes campaigners played down the significance of Stagecoach’s intervention.
David Cairns, executive chairman of pro-independence group Business for Scotland, said: ‘Brian Souter is on record as a business leader who will vote Yes, so we can build a more prosperous economy and fairer society.’
A Stagecoach Group spokesman said: ‘We ensure our investors are aware of relevant matters affecting our business, both risks and opportunities.
‘This section of our preliminary results makes the point that our business operates in an environment which can be subject to political change. It highlights the September 2014 referendum on independence and the 2015 UK general election as events which could result in change.
‘It is not a comment on the merits of Scottish independence, which we have consistently stated is a matter for the people of Scotland to decide. Stagecoach Group remains neutral on the issue.’
A Scottish Government spokesman said: ‘Investment in Scotland is booming in the run-up to the referendum, underlined by the Ernst & Young attractiveness survey showing foreign direct investment in Scotland last year reached its highest level for 16 years and Scotland retained its position as the top UK location for inward investment outside London.
‘An independent Scotland will be a hugely attractive place to do business and invest in.’