What would Scottish independence mean to British business?

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With Scots going to the polls next week to decide whether or not their country should remain in the UK, one of the many issues this is bound to affect is business in Britain. The makeup of the United Kingdom as we know it would change, and a nation that has historically been seen as a global trading power would become fragmented, but is this a concern or a new opportunity?

Here are three ways we would expect the change, if it happens, to affect businesses both north and south of the border:

1. Challenges with international trending

Sir Martin Sorrell, chief executive of advertising giant WPP, recently expressed a concern that the level of uncertainty over Scotland’s continued membership of the UK, as well the UK’s part within the EU, may be of detriment to our force as a global trader.

If Sorrell is correct, companies in a separated Britain would therefore need to work harder to reach out to overseas markets and retain the ones with which they already connect, as well as be able to give assurances that they are operating on a stable footing.

2. Greater focus on localisation

With Scotland sure to be more focused on its own industries like fishing, oil and energy, the same is likely to be true of England, Wales and Northern Ireland, with finance and tourism set to be key sectors.

This is where companies are likely to benefit from the help of outsourced accountants with local knowledge. Through spotting areas of high profitability, a specialist can work with the business to identify where the business should be focusing its efforts, thus giving more time, control and direction to the company owner.

3. More of the same from Number 10

If votes from Scotland were taken out of the equation in 2010, there would have been a clear Conservative majority rather than a hung parliament. With high numbers of Labour and SNP voters in Scotland, the Conservatives would be forecast to dominate the polls and their current coalition with the Liberal Democrats would likely come to an end. This may concern those who feel that Conservative austerity is holding SMEs and the economy back, but supporters of the party might find comfort in its pledge to reduce jobs taxes and support small companies.

With socialist and ‘New Labour’ policies favoured in Scotland, meanwhile, companies north of the border will be hopeful of such plans as Ed Milliband’s proposed £800m tax break for small businesses being taken on.

On either side of the border, it’s certainly an interesting time for business, with a period of trial and error likely should the ‘Yes’ vote come up.