Businesses in sigh of relief as shares rise

The value of Scottish financial companies on the stock market jumped by about £2 billion pounds in relief at the rejection of outright independence.

A vote for independence would have raised immediate questions over what currency Scotland would use and its position within the European Union.

Royal Bank of Scotland was a strong riser in the top flight - up 8.8p to 366p - as a Yes vote meant it would no longer have to implement a plan to move south of the Border.

It said: "That contingency plan is no longer required. Following the result it is business as usual for all our customers across the UK and RBS."

Other firms with Scottish connections also made gains. Lloyds Banking Group, which owns Bank of Scotland, lifted 0.95p to 76.8p while Perth-based energy firm SSE rose 2p to 1523p and Babcock International, which has defence interests in Scotland, was up 26p to 1091p.

Insurer Standard Life also said it had scrapped plans to move south, but added: "We will consider the implications of any changes for our customers and other stakeholders to ensure their interests are represented and protected."

Johnnie Walker distiller Diageo Plc, said after the vote that "the future for this sector will remain bright provided there is no further regulation or taxation on the industry."

Weir Group chief executive Keith Cochrane said: "From a business perspective, it is important we now concentrate on long-term stability for Scotland within the UK."

Business groups including the CBI, the British Chambers of Commerce and the Federation of Small Businesses all welcomed the No vote, saying it would lead to greater certainty.

John Cridland, CBI director general said: "This result will be greeted by a collective sigh of relief across the business community."

Bryan Buchan, chief executive of Scottish Engineering, the industry group, said: "We are delighted to put the uncertainty of the last two years behind us.

"There has undoubtedly been some 'marking time' on investment by the larger organisations and we would anticipate that projects will now move forward, as will business growth, given the future is now more assured. And we have an open field for the hugely important UK market."

David Lonsdale, director of the Scottish Retail Consortium, said: "Scotland is a great place to do business, and our politicians will enhance our prospects even further by prioritising a competitive and attractive environment for retailers and others to invest."

Pro-independence group Business for Scotland said that it was "disappointed that the opportunity to improve Scotland through independence has been lost".

"Huge credit due to the ­Scottish people who have, by and large, conducted the biggest political debate there is with good grace, good manners and some sparkling wit," said Business for Scotland chairman, Tony Banks.

The Federation of Small ­Businesses's Scottish policy convenor Andy Willox said: "The touchstones of the new devolution settlement must be boosting business and growth. In the weeks and months to come, we look forward to playing our part in making that happen."

Business group the Institute of Directors (IoD) Scotland said that political groups and businesses needed to "get together to focus on growth".

Oil & Gas UK, the lobbying group for the energy industry, called for the government to press "swiftly ahead with fiscal reform". It added that recommendations to "maximise the economic recovery of our oil and gas resource" should be implemented.

Energy giant Shell added that the decision for Scotland to remain in the UK "reduces the operating uncertainty for businesses based in Scotland".

Asda, which warned of price rises in an independent Scotland said the Scottish market was "important" to it. Chief executive Andy Clarke said: "I always said that it was for the Scottish people to decide their own future in a democratic referendum."