James Pozzi: Pros and cons of independence for manufacturers
ANALYSIS: James Pozzi of The Manufacturer assesses the possible risks and rewards for manufacturing businesses as a result of the Scottish independence referendum, and what could happen to the sector in the event of a ‘Yes’ vote.
There is a genuine possibility that when Autumn comes around, the United Kingdom created by King James I as part of the Union Act of 1706 could be no more. The campaign for Scottish independence has been a fixture of the political agenda for the past 18 months, being discussed everywhere from Westminster to the Vatican and beyond.
One of the key battle grounds fought by both sides of the vote has been about Scotland’s economy. As a contributor, the spotlight has also shone on manufacturing. With more than 8,000 manufacturing companies employing 184,000 people, Scottish industry generated £12.7bn for the economy in 2013, accounting for around 12% of Scotland’s onshore GDP.