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Scottish finance industry risks losing 90% of clients

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Scottish finance industry risks losing 90% of clients

The Scottish finance sector risks being stranded on the opposite side of a national border from 90% of its customers should the country vote to leave the UK, the government will warn today.

Describing Britain as one of the ‘oldest and most successful single markets in the world’ prime minster David Cameron will make the remarks in a speech to the CBI in Glasgow (pictured).

The speech comes after 130 business leaders including HSBC chair Douglas Flint signed a letter to Scottish first minister Alex Salmond warning of the financial costs of secession.

‘This is one of the oldest and most successful single markets in the world,’ Cameron is expected to say.

‘Scotland does twice as much trade with the rest of the UK than with the rest of the world put together – trade that helps to support one million Scottish jobs.

‘For some industries, the proportion of trade with the rest of the UK is even higher – 90% of Scottish financial services' customers are in England, Wales and Northern Ireland.

‘This success doesn't happen by accident. It happens because of the skill of people in Scotland and the opportunities that come from being part of something bigger, a large domestic market, underpinned by a common currency, common taxes, common rules and regulations, with no borders, no transaction costs, no restrictions on the flow of goods, investment or people.’

In a snap poll for the Guardian Salmond was widely perceived to have won the second televised debate on independence this week with 71% of the electorate declaring him the victor.

Wider polling shows a clear majority still backing the no campaign but also show the yes camp steadily gaining, splitting 46% to 44% respectively with 10% undecided, according to ICM.

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