High cost of split

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When finance secretary John Swinney conceded this week that Scotland would have to ­accept the UK’s fiscal constraints and banking regulation, he argued that monetary union would avoid higher transaction costs for both countries.

What he did not explain was that the impact on Scottish firms would be 12 times that on English firms. Here are the ­numbers: England £0.5 billion for a £1350bn economy; Scotland £0.7bn for a £150bn economy.

That is why companies with cross-Border businesses are ­concerned; that is why jobs are at risk. Vote No to keep jobs.

Robert Stephens

Morningside Park

Edinburgh

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