HIGH profile Glasgow businessmen signed a letter outlining their concerns that independence would damage jobs and industry.

The letter is signed by 120 chief executives, chairmen, entrepreneurs and managing directors from a range of businesses covering many sectors across Scotland who together employ tens of thousands of people.

Included in the list is Lord Willie Haughey, of City Refrigeration and city club and entertainment entrepreneur James Mortimer.

Victor Chavez, chief executive of the defence giant Thales UK; Keith Cochrane, chief executive of engineering firm Weir Group, and Archie Bethel, executive director of Babcock Engineering are among the signatories.

Pro independence business leaders responded by stating Westminster is not addressing the needs of Scottish business.

The group opposed to independence also included Bruce Mickel, of building firm McTaggart Mickel, and Ian Curle of Edrington Group, owners of Famous Grouse whisky.

The letter outlines concerns over jobs, pensions and exports in the event of a Yes vote, stating uncertainty around currency, regulation and the European Union as bad for business.

It states: "Our economic ties inside the UK are very close and support almost one million Scottish jobs.

"The rest of the UK is Scotland's biggest market by far. As job creators, we have looked carefully at the arguments made by both sides. Our conclusion is that the business case for independence has not been made."

The Yes campaign has its own group of 2500 business leaders, who argue independence will produce a better environment for business.

Tony Banks, chairman of Business for Scotland said: "From a simple balance sheet point of view, our best interests lie in becoming an independent country.

"Scotland has paid more tax per head of population than the UK average for at least the past three decades, paying in far more than we got out of the UK exchequer.

Mr Banks said UK firms were given preferential treatment from Westminster and said an in out referendum on UK membership of the EU, promised by the Tories and, he said, being considered by Labour, is the real threat to Scotland's EU membership.

He added: "Scottish exports have not been supported by Westminster either, with precious little being done by UK embassies to support our industries; whisky, for example, attracts a charge for the use of embassy premises when it's being promoted by Scottish Development International while products promoted by UK Trade and Investment get a free ride."

"It is clear to us that UK Governments do not pay sufficient attention to the interests of Scottish businesses either; the smash-and-grab raids on the oil industry by both Labour and coalition Governments are clear examples of a short-term focus, treating the industry as a cash cow rather than as a strategically important part of the economy."

stewart.paterson@ eveningtimes.co.uk