Scottish independence: Next chief Lord Wolfson adds his worries over Scots vote

Next boss Lord Wolfson today joined the chorus of business leaders voicing fears over the impact of a vote for Scottish independence.

The “worried” Conservative peer joins the likes of BT chairman Sir Mike Rake and Royal Dutch Shell chief executive Ben van Beurden in increasing nerves over a UK break-up as polling day looms.

Former Sainsbury’s boss Justin King warned earlier this year that Scotland could face higher food costs.

Wolfson, pictured, said the retailer was “utterly committed to Scotland, whichever way they vote”.

But he added: “I’m worried what happens after independence. I’m worried about three things: currency, taxes and jobs. Whatever currency comes in in Scotland, it’s likely to be weaker than the one they’ve got, and that is likely to push up prices.

“Nobody quite knows what the financial situation will be in Scotland — it may be fine but there is obviously a risk that taxes will have to go up and financial-services firms are already saying that if there is a ‘Yes’ vote, they’ll leave.”

Next generates around 9% of its £3.7 billion turnover in Scotland, with 37 stores. John Lewis also warned of rising prices for Scottish consumers today.

Next reaped the benefit of good summer weather, a buoyant economy and fewer cut-price sales as pre-tax profits rose 19% to £324.2 million in the six months to July. A stronger housing market also helped its Next Home business.

Investors can expect a 16% dividend this year and the retailer stuck to profit guidance of £775 million to £815 million — although Wolfson warned of heavier weather ahead as interest rates rise. Sales growth will slow to 4% in the final quarter.