Scottish independence: Scotland said No – how will greater devolution affect businesses?
With the No campaign triumphant in the Scottish Referendum, business owners look at how greater devolution will effect British businesses
The three party leaders committed to devolved powers in the event of a No vote and with the No campaign now triumphant, confusion reigns over what this might actually mean in practice. Due to this, most entrepreneurs we spoke to felt unable to comment on specifics.
PetShopBowl co-founder Adam Taylor expressed concern that Scotland’s increased autonomy could undercut business regulation in the rest of the UK.
He explained: “From PetShopBowl.co.uk’s perspective – using the example of Amazon having an unfair advantage by not paying its fair contribution of UK Tax yet competing with businesses domiciled in the UK – there is a potential business benefit if Scotland is allowed autonomy over setting lower business rates, relaxed employment laws and even VAT.”
Chris Winstanley of MBA & Company said that whatever the outcome of the referendum, change is inevitable: “We are going to see changes to how Scotland does business with the rest of the UK.
“Although the changes will be more muted, and the currency issue will not apply, we could still see more disparity in the treatment of business owners either side of the border.
“This could present opportunities for tax breaks and lower cost entrepreneurialism, but in the end those benefits may not outweigh the cost of disruption.”