In a letter published in The Scotsman, 130  executives from a variety of businesses including banking, pensions providers, mining, engineering, food, whisky and technology, state: ‘As job creators, we have looked carefully at the arguments made by both sides of the debate. Our conclusion is that the business case for independence has not been made.’

The letter goes on to say: ‘Uncertainty surrounds a number of vital issues including currency, regulation, tax, pensions, EU membership and support for our exports around the world; and uncertainty is bad for business.’

The letter was organised by Keith Cochrane, chief executive of engineering firm, Weir Group. Other signatories include Douglas Flint, chairman of HSBC; Andrew Mackenzie, chief executive of BHP Billiton;  Audrey Baxter, executive chairman of Baxters Food Group; and Simon Thomson, chief executive of Cairn Energy.