Tuesday 16^th September, 2014

According to specialist accountancy and finance recruiter Marks Sattin, the majority of UK finance professionals disagree with the economic and financial arguments for Scottish independence.

The research conducted by the recruiter found that over two thirds (68%) of finance professionals practising across the UK believe that Scottish independence makes no economic or financial sense. By comparison, only one in ten (11%) agree with the financial arguments put forward for Scottish independence and a fifth (22%) remain undecided on the issue.

It is estimated 165,000 people employed in financial services in Scotland, equating to 7.6% of Scotland’s total workforce and contributing 12% towards its Gross Value Added (GVA) – the economic value of goods and services produced.

The research also found the number of financial services jobs in Scotland has grown by nearly a quarter (23%) since 2007, averaging out at a growth rate of 6% per year. Financial services jobs in the UK have increased by only a fifth (20%) over the same period.

Dave Way, Managing Director of Marks Sattin said,

"Scotland’s financial services sector has clearly thrived in recent years, increasing by a quarter since 2007. While the tangible impact of an independent Scotand remains to be seen, there are clearly question marks shrouding the potential impact on financial services and the prospects for continued growth."

"On the other hand a ‘yes’ vote will inevitably usher in radical changes in terms of currency, interest and exchange rates and wider business finance."