Cable warns Scots may rue independence

Business Secretary Vince Cable launched a robust defence of Britain’s membership of the European Union last night as he announced the next phase of a government review into the impact of the single market.

The Lib Dem MP called on businesses, academics and other member states to submit evidence on the impact of the trading relationship, which is being looked at as part of a “comprehensive audit” of how all European Union powers affect the UK.

Mr Cable also used the speech to warn against Scottish independence. He said: “The free flow of goods and services has enriched the UK as a whole, but with the forthcoming referendum on independence this could be under threat.

“Currently, over half of Scotland’s total exports are with the rest of the UK. If Scotland becomes independent, the most likely scenario is that it will have to apply to join the EU. A Yes vote will not mean business as usual for Scotland.”