The majority of voters in Scotland opted to stay in the UK

The majority of voters in Scotland opted to stay in the UK

UK business associations have expressed their relief as the referendum on Scottish independence resulted in a No vote, meaning the nation will remain part of the union. 

The results show that 55% of the votes went to the 'No' campaign, while 45% accounted for those in favour of independence. 

The Confederation of British Industry (CBI) described the move as a "momentous day for the UK," with director general John Cridland adding: "This result will be greeted by a collective sigh of relief across the business community."

"Business has always believed that the union is best for creating jobs, raising growth and improving living standards, and welcomes that the people of Scotland want to play an integral role in this internationally successful partnership." 

Cridland said politicians, businesses and citizens now need to work together to achieve a better future for everyone in the UK. "Now is also the time to rebuild relationships outside the UK to reassure international investors and other partners that we will emerge stronger and more confident in the months and years ahead."

Meanwhile, the Scottish Retail Consortium (SRC) said the vote signals the start of a "fresh chapter of devolution," with greater power and more economic responsibility for Holyrood and the Scottish Government.

"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," said director David Lonsdale.

Click on the following link for insight on the impact Scottish independence could have had for retailers: ANALYSIS: Retailers voice concerns on Scottish independence