The cost of borrowing to fund public spending on schools, hospitals and roads would go up in an independent Scotland, the head of a leading insurer has said.

Mark Wilson, chief executive of Aviva, said the company would maintain its commitment to investments in Scottish infrastructure but warned of "increased risks" in the event of a Yes vote on Thursday.

The insurer, which has more than 2,000 staff and a million customers in Scotland, is the latest in a series of banks, businesses and retailers to voice concerns over independence.

Mr Wilson said he had a responsibility to Aviva's customers, staff and shareholders to speak out saying he believed Scots should have "full knowledge of the facts" before making their decision.

He said: "Scottish independence is a matter for the Scottish people and it certainly is not for me to express a personal view. There are many New Zealanders like me of Scottish descent but, notwithstanding this, I'm trying to approach this question impartially.

"Other commentators have pointed out the challenges that the Scottish financial system will face in the event of a yes vote. Aviva is a long-standing investor in Scottish infrastructure and we will maintain our commitment.

"However, the cost of borrowing to fund important public infrastructure, such as schools, hospitals and roads, would almost certainly go up to cover the increased risk of being a smaller independent country."

Labour's shadow Scottish secretary Margaret Curran said: "Aviva is one of the most respected companies in the country, they understand risk and their message is clear - a separate Scotland would risk investment in our schools and hospitals.

"This is in addition to the extra £6 billion of public spending cuts we would face if we left the UK. That is half of our NHS budget, and more than our entire schools budget.

"Why take such a huge risk with our future, the future of our children and the future of our health service when faster, better, safer change is coming to Scotland within the UK?

"We can have what most Scots want. More powers for Scotland without taking on all of the risks of independence. It's the best of both worlds. We should vote No on Thursday because we do not have to be a separate nation to be a better nation."