In the wake of the ‘no’ vote in the Scottish referendum last week, Axis for Business witnessed the reaction of the UK’s business community, who expressed relief.
Business Community Expressed Fear over a ‘Yes’ Vote
Through our role as a telecoms and energy service provider, who strive to bring the best utilities deals to small businesses across the UK, Axis Telecom has been keeping track of the Scottish debate over independence.
In the run up to last Thursday’s vote, many businesses spoke out against the measure, as they believed it would be bad both for their profit margins, and for the national economy. Consequently, on news of a ‘no’ vote, according to the BBC, the business community welcomed the decision.
Banks lead Reaction to ‘No’ Vote.
The banking community lead the reaction. This was particularly important, considering the fact that banks such as the Royal Bank of Scotland, Standard Life, Lloyd’s TSB and Tesco Bank had suggested they would move their operations south of Hadrian’s Wall should Scotland vote to break away from the UK.
RBS put out a statement concerning this, suggesting that following the ‘no’ vote, “that contingency plan is no longer required. Following the result it is business as usual for all our customers across the UK and RBS,” a decision echoed in statements by Standard Life, Lloyd’s TSB and others.
Business Lobbying Groups Welcome ‘No’ Vote
Meanwhile, business lobbying groups, which often represent the interests of SME’s, also expressed “relief” at the decision. Confederation of British Industry (CBI) director general John Cridland suggested that “business has always believed that the Union is best for creating jobs.”
He went on to say that, “this is a momentous day for our United Kingdom and this result will be greeted by a collective sigh of relief across the business community.”
The Expression of Relief by the Business Community is Powerful
Whatever your opinion on Scottish Independence, the expression of relief at a ‘no’ vote is powerful. It suggests that staying together is better not just for the business community at large – a suggestion mirrored by the sudden rise of the pound on the release of the news, but SME’s as well. Small business would likely have been the most vulnerable to any economic fall-out from a ‘yes’ vote.