The text of the letter about the consequences of Scottish independence from 120+ business leaders and the full list of signatories:

The outcome of the referendum on 18 September will affect our generation and the generations to come. Much is at stake.

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Our economic ties inside the United Kingdom are very close and support almost one million Scottish jobs. The rest of the UK is Scotland's biggest market by far.

As job creators, we have looked carefully at the arguments made by both sides of the debate. Our conclusion is that the business case for independence has not been made.

Uncertainty surrounds a number of vital issues including currency, regulation, tax, pensions, EU membership and support for our exports around the world; and uncertainty is bad for business.

Today Scotland's economy is growing. We are attracting record investment and the employment rate is high.

We should be proud that Scotland is a great place to build businesses and create jobs - success that has been achieved as an integral part of the United Kingdom.

The United Kingdom gives business the strong platform we must have to invest in jobs and industry. By all continuing to work together, we can keep Scotland flourishing.

Signed in a personal capacity by the following:

Pauline Alexander, founder, Star Equestrian and Farm Camp Limited

John Allan, chairman, WorldPay

Martin Allan, director, Bon Accord Glass Ltd.

William M. Allan, executive chairman, ASCO Group Limited

Lord Allen CBE, chairman of ISS, Global Group and 2 Sisters Food Group

Robert Anderson, chief executive, Tomatin Distillery Ltd.

Hugh Andrew, managing director, Birlinn Limited

Ian P. Bankier, executive chairman, Glenkeir Whiskies Limited

Audrey Baxter, executive chairman, Baxters Food Group

Graeme Belch, managing director, JBD Tritec Limited

Archie Bethel CBE, divisional chief executive, Babcock International Group Plc

Niall Booker, chief executive officer, The Co-operative Bank

Ronnie Bowie, senior partner, Hymans Robertson LLP

Gilpin Bradley, managing director, Wester Ross Fisheries Ltd.

Jimmy Buchan, skipper and owner, Amity Fish Company Ltd.

Esther Cameron, director, Hair Kapers Ltd.

John Campbell, managing director, James Walker (Leith) Ltd.

Austin Carey, managing director, Blue Machinery (Scotland) Ltd.

Alexander Catto, director, Scotlog Sales Ltd.

Victor Chavez, chief executive, Thales UK

Angus Cockburn, interim chief executive, Aggreko plc

Keith Cochrane, chief executive, The Weir Group PLC


Ian Curle, chief executive, Edrington

Nicholas G. Cunningham, chairman, Malcolm, Ogilvie & Co. Ltd.

A. Stuart Dalziel, managing director, Dalziel Ltd.

John Denholm, chairman, J&J Denholm Ltd.

Robert J. S. Doig, director, Caithness Potatoes Ltd.

Daniel Dunko, managing director, Thomas Hancock & Co.

Gerard Eadie, chairman, CR Smith

Keith Elgin, proprietor, Keith Elgin Motor Engineers

James England, managing director, BlueSky Experiences

James Espey, owner and managing director, The Last Drop Distillers Ltd.

Keith Falconer, chairman, Adelphi Distillery

Douglas Ferrans, former chief executive, Scottish Amicable Investment Management


Frank Ferris, chief executive, TFC Cable Assemblies Ltd.

Douglas Flint, group chairman, HSBC Holdings plc

Vincent Fusaro, director and co-owner, Luvians

John Gillespie, proprietor, John Gillespie Hairdressing

Peter Gordon, director, William Grant & Sons Distillers Ltd.

Sir John Grant, executive vice-president, policy and corporate affairs, BG Group plc

Hamish Grossart, chairman, Artemis Investment Management

Eric Hagman CBE, chairman, Matthew Algie Ltd.

Kevin Hague, managing director, M8 Group Ltd.

Ronald S. Hamilton, executive chairman and founder, Daysoft Limited

Dr. Tessa Hartmann, managing director, Hartmann Media Ltd.

Amanda Harvie, managing director, The Harvie Consultancy Ltd. and former CEO,

Scottish Financial Enterprise

Lord William Haughey, chairman, City Refrigeration Holdings (UK) Ltd.

Gavin Hewitt, former chief executive, The Scotch Whisky Association

Alan Hill, financial director, Browns Food Group

Dr. Peter T. Hughes, former chairman, Glencast Ltd.

Marcus Kneen, chief executive, IndigoVision

Alastair Lamond, managing director, Lamond and Murray Ltd.

Dr. Brian Lang, former principal, University of St Andrews

John Langlands, chief executive, British Polythene Industries PLC

Brian H. Lemond, managing director, Oakenash Group Limited

Ken Lemond, gallery owner

James F. Lithgow, chairman, Lithgows Ltd.

Alasdair Locke, entrepreneur

Andrew Mackenzie, chief executive, BHP Billiton Plc

Ian Angus MacKenzie, chief executive, Harris Tweed Hebrides

Martin MacLeod, managing director, Hebridean Seaweed Company

Alastair MacMillan, managing director, White House Products Ltd.

Shonaig Macpherson, non-executive director

Angus MacSween, chief executive, Iomart Group plc

Bill McFarlan, broadcaster and managing director, The Broadcasting Business

Alan McFarlane, senior partner, Dundas Partners LLP

Jim McFarlane, managing director, Endura Ltd.

Robert McFarlane, group chairman and chief operating officer, NPL Group

Brian McGhee, chairman, G1 Group

Dougie McGilvray, chief executive, Weldex (International) Offshore Ltd.

John McGuire, chairman and chief executive, Phoenix Car Company

Cameron McLatchie, chairman, British Polythene Industries PLC

Robert McNaughton, managing director, Hillhouse Quarry Group Limited

Neil McNicol, chairman, McCurrach Investments

Malcolm McPherson, senior partner, HBJ Gateley

Neil Manchester, managing director, Landcatch Natural Selection Ltd.

Ian Marchant, energy businessman

John Michie, managing director, Charles Michies Pharmacy

Bruce Mickel, chairman, Mactaggart & Mickel Group

Dr. James S. Milne, chairman and managing director, Balmoral Group Holdings Ltd.

Nosheena Mobarik, chief executive, M Computer Technologies

Jamie Moffat, former managing director, A.T. Mays

George Morris, chairman, Morris and Spottiswood Ltd.

Derek Morrison, partner, Wm. Morrison Coachworks

James Mortimer, entrepreneur

Ian Murgitroyd, chairman, Murgitroyd and Company Limited

Iain Napier, chairman, John Menzies plc

Robin Nicolson, managing director, Nicolson Maps Ltd.

Bill Nixon, managing partner, Maven Capital Partners UK LLP

Peter Page, chief executive, Devro plc

Chris R. Parker, managing director, London and Scottish International Ltd.

Jack Perry, chairman, ICG-Longbow Senior Debt Limited

Coralie Pickering, managing director, CCL Property Ltd.

Richard G. S. Prenter, chairman, MacTaggart, Scott & Co. Ltd.

Will Ramsay, chief executive, Affordable Art Fair

Jeremy Richardson, chief executive, Cornelian Asset Managers

Charles Buchan Ritchie, chairman, Score Group plc

David Ross, a founding partner of Aberforth Partners

Mike Ross, non-executive director, former chief executive of Scottish Widows

Leonard Russell, managing director, Ian Macleod Distillers Ltd.

Alastair Salvesen, chairman, Dawnfresh Seafoods Ltd.

David Sands, managing director, Alligin Properties Ltd.

Alan Savage, chairman, Orion Group

Lord Damian Scott, director, Buccleuch

Barry E. Sealey, business angel

Peter Shakeshaft, business adviser

Steven Shear, commercial property developer/landlord

David Sibbald, software entrepreneur

Archie Smith, managing director, FiFe Fabrications Limited

Drew McKenzie Smith, managing director, The Lindores Distillery Company Ltd.

Eric N. Smith D.A.

Graham Stevenson, managing director, Inver House Distillers Ltd.

Bill Stewart, managing director, McDonald Engineers

Sir Brian Stewart, former chairman of Standard Life plc, Scottish and Newcastle plc and The Miller Group

Peter Taylor, chairman, The Town House Collection

Mark Tennant, chairman, F&C Private Equity Trust plc

Richard Tester, managing director, Glycologic Limited

John G. Thom, chairman, Miller Hendry solicitors

Simon Thomson, chief executive, Cairn Energy PLC

Alan Thornton, managing director, Caledonian Industries Ltd.

Fraser Thornton, managing director, Burn Stewart Distillers Ltd.

Judith Thorpe and Karen Molloy, directors, Thorpe Molloy Recruitment Ltd.

Marcus Tiefenbrun, chairman, Castle Precision Engineering Ltd.

A. B. Tunnock CBE

David Warnock, non-executive director

Neville Washington, proprietor, Washington Consulting

Colin I. Welsh, chief executive officer, Simmons & Company International Limited

Lesley Wiggins, managing director, Milne Management Limited

Donald Wilson, investor

Timothy Wright, chief executive, Edinburgh University Press