Standard Life warns independence may see it quit Scotland
Insurance giant Standard Life has become the first major Scottish business to warn that it may relocate its operations to England should Scotland vote for independence.
In the company's annual report for 2013, chairman Gerry Grimstone said:
We have been based in Scotland for 189 years and we are very proud of our heritage. Scotland has been a good place from which to run our business and to compete around the world. We very much hope that this can continue. If anything were to threaten this, we will take whatever action we consider necessary – including transferring parts of our operations from Scotland – in order to ensure continuity and to protect the interests of our stakeholders.
Grimstone emphasised that his company was "strictly apolitical" and that it would not be appropriate for Standard Life to offer suggestions as to how people should vote in the independence referendum.
Chief executive of the FTSE 100 company David Nish warned of the uncertainties independence would create regarding the monetary system and taxation.
Standard Life made the statement as it reported a fall in oprating profit before tax of 13 per cent to £751m for the year ended 31 December. Assets under administration grew 12 per cent to £244bn, driven by net inflows up 92 per cent to £9.6bn.
Standard Life boasts almost 4m customers in the UK and employs 5,000 north of the border.