The president of the Confederation of British Industry (CBI) has warned that Scottish independence could damage the economic recovery on both sides of the border.

Mike Rake said there were ‘enormous’ risks associated with the Yes vote and that independence would not be ‘economically beneficial for Scotland or the rest of the UK’, according to The Daily Telegraph.

Rake said it was not a question of whether an independent Scotland would survive but whether it would prosper.

His comments follow open letters from business leaders on both sides of the debate. At the start of the week 120 business chiefs, including HSBC chairman Douglas Flint, Thales' Victor Chavez and Ian Curle of The Edrington Group, called for Scotland to remain in the union to ensure its economy kept growing.

This was followed by an open letter published in The Herald and signed by 200 businessmen and fund managers, including First State's veteran Asian fund manager Angus Tulloch, which backed the case for Scottish independence; fighting claims the business argument for the move has not been made.

Also this week prime minister David Cameron warned that Scotland’s financial services could lose 90% of their business if the country became independent.

Scotland is to vote on independence on 18 September.