Sir,

We are surprised by the pronouncements of Scottish Financial Enterprise staff (“Scottish fund managers fear break-up bill”, February 4) about the choice facing the people of Scotland this September, and we note that they have not been formally endorsed by the full board of that organisation. In our combined personal view, these views do not reflect the balance of opinion in the Scottish financial sector, nor provide an objective analysis of the opportunities and risks involved – whether a Yes or a No vote is recorded.

The referendum is a choice between two paths, both of which involve change. In the case of Scotland after a No vote, there is no clear plan for or certainty around taxation, regulation or the wider business operating environment, and no guarantee of continued European Union membership.

Any truly objective analysis of what the referendum means for business requires a more thoughtful consideration of the UK’s current trajectory, and the opportunities for protecting and growing leading industries with significant potential. There are certainly opportunities to attract more jobs and investment to Scotland with the powers of independence and significant opportunities in an independent Scotland for financial services.

George Mathewson, Chairman, Toscafund; former chief executive and chairman, Royal Bank of Scotland

Angus Tulloch, Senior Edinburgh fund manager

James Scott, former executive director, Scottish Financial Enterprise

Frank McKirgan, founding partner, MLI Partners

Prof David Simpson, former senior economic adviser, Standard Life

Jim Spowart, founder, Standard Life Bank, Direct Line Financial Services, Intelligent Finance

The Letter in the Financial Times – Split emerges in Scottish financial community over independence