Tags: Scotland Vote | Murdoch | business | vote | Scotland

Murdoch: 'No Reason Business Should Suffer' in Scotland If It Leaves UK

By    |   Thursday, 18 September 2014 10:54 AM

Rupert Murdoch, CEO of 21st Century Fox, says there is "no reason business should suffer" if Scotland votes yes in its referendum on independence from the United Kingdom Thursday.

The impact of a yes vote on business would depend on the quality of a government run by Alex Salmond, Scotland's current First Minister, Murdoch tells Fox Business Network.

"If he follows the spirit of the Scottish establishment and Adam Smith, I'd have great confidence."

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Murdoch cites Slovakia and Estonia as examples of small countries whose economies performed well when they went independent.

The United Kingdom will change regardless of the vote's outcome, Murdoch argues. That's because "all of the political parties down south panicked," he explains. "They have promised a tremendous devolution of power. There will be a great fight now."

What would be dangerous is if no votes prevail, the U.K. parliament "revolts against their leaders that have made concessions, and then they go back on them," Murdoch notes. "Then I think there would be a lot of trouble and unrest.

"I think it will be within 100,000 votes either way," he predicts.

"People are really looking for change."

Others are quite concerned about the referendum's implications. The economic consequences of independence would be "surprisingly negative for Scotland, more so than the Nationalist party is in any way communicating," former Federal Reserve Chairman Alan Greenspan tells the Financial Times.

Nationalists are wrong to claim that the United Kingdom would assent to a currency union with Scotland, he insists. "There's no conceivable way the Bank of England is going to sit there as a lender of last resort to a new Scotland."

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Rupert Murdoch, CEO of 21st Century Fox, says there is "no reason business should suffer" if Scotland votes yes in its referendum on independence from the United Kingdom Thursday.
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2014-54-18
Thursday, 18 September 2014 10:54 AM
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