Scottish independence 'bad for business', warns Weir Group boss

Scotland's largest industrial company believes Scottish independence would be "bad for business", warning that it could lead to employers thinking twice before investing efforts in the country.

On the day Waitrose and BSkyB both announced that their plans in Scotland would be unaffected by the result of September's referendum, the Weir Group told ITV News "there is no such thing as risk-free independence":

Weir employs 15,000 people around the world, and around 600 in Scotland. It is a FTSE 100 company worth more than £5 billion and was founded in 1871 - making it one of Scotland's oldest firms.

The company commissioned a group of Oxford University experts to analyse the Scottish Government's White Paper published in November.

Today they released their findings and chief executive Keith Cochrane said that, as a responsible businessman, he had come to the inevitable conclusion that independence would be bad for business.

Mr Cochrane told me he believes that while the benefits of independence remain uncertain, the costs are guaranteed:

He insists he isn't telling his workers how to vote but instead informing the debate and highlighting the risks of going it alone.

He also told me that not only does he believe independence would be bad for business in the future, it's bad for business at the moment.

"Clearly when you've got to ask yourself basic questions around currency and tax arrangements, that does raise risks," he said, noting that those risks are something his company "takes account of" when looking at where to invest.