Nearly 84% of firms surveyed admitted they had not considered a continuity plan ahead of the Scotland’s vote on September 18.
KPMG senior partner Scotland Craig Anderson said firms were looking for reassurance about the implications of a possible yes vote: “It is clear that the business community is still seeking to have concerns allayed as we move closer to September 18,” said Anderson.
“Our research suggests that most businesses probably do not feel sufficiently informed to make appropriate long-term plans with any action likely to be taken only when the outcome is known.”
The biggest issue
Asked what were the key topics associated with the referendum, nearly one third (29%) highlighted potential changes to the tax regime. Nearly a quarter (24.8%) suggested the possible impact of a change in currency, while 21.9% said changes to cross border trade in Great Britain was the biggest issue facing their business, should Scotland opt for independence.
Head of tax for KPMG in Scotland Jon Meeten said a positive vote would bring problems and opportunities. “The potential creation of an independent and wholly separate Scottish tax system could give rise to a period of uncertainty for businesses and individuals, as well as create opportunities to design a more effective system tailored to Scotland’s specific requirements,” said Meeten.
“Regardless of the result of the Scottish independence referendum, the Scotland Act 2012 means that changes will be made to the structure and operation of taxation in Scotland.”
Last week Scotland finance secretary John Swinney said a positive vote would boost the global profile of Scottish firms and generate more jobs. “With a yes vote and the full powers of independence , we would be able to use the full range of economic levers at our disposal to enable Scottish companies to increase their global reach,” he told BBC news.
Tesco reported sale
Meanwhile, supermarket giant Tesco reported sales of Scottish food and drink surged during the Commonwealth Games in Scotland, which ended yesterday (August 3).
Britain’s biggest retailer reported rocketing sales of haggis and black or white puddings, up by 80%, malt whisky up by 30% and Tunnocks tea cakes up by 20%.
Tesco head of local sourcing Sarah Mackie said: “The Commonwealth Games has put a world spotlight on Scotland and created a natural curiosity for shoppers around the UK to try out Scottish food and drink.
“We expected to see demand grow in our Scottish stores but customers right across Britain are buying Scottish products – it is a great testament to the wonderful range of products that producers in Scotland create.”
Haggis has been the real winner during the games and it may become permanently more popular south of the border, she added.
Last month, Scottish food minister Richard Lochhead linked surging sales of Scotland’s food and drink to a ‘yes’ vote in next month’s referendum.