SCOTLAND FAIRS BETTER IN SHIPPING AND OFFSHORE DEVELOPMENT AS PART OF THE UK updated 2/24/2016
PHOTO By Diliff, Released under Creative Commons Attribution-Share Alike 3.0 Unported license.
Editor's Note 2/24/2016: Its been a while now, how does the post referendum era look to you the readers so far? Please provide comments. Just before the comments section you'll find a link to additional background reading materials. Scroll down.
:
Had the Scots voted for independence from the UK there would have been a very negative effect on Scottish Shipping and in offshore oil and gas development. International shipping adviser Moore Stephens performed a survey just prior to the the recent election eliciting the views of senior executives in Scotland's maritime transport and offshore oil and gas industries. More than half of the responding executives felt that independence would have had a very negative effect on their business.Two thirds feared the currency change away from the British pound would have a negative effect on offshore oil and gas revenues. Amazingly at the time approximately 74% said that they had no contingency plan for independence. A little less than half of respondents had foreign corporate ownership and existing business relationships with Scottish government and business entities. Interestingly, and perhaps ominously, these foreign investors had the most pessimistic attitudes towards a positive vote for independence. Among the remarks by the shipping executives of note:
"Scotland does not have the necessary infracture to replace the UK Merchant Marine. We will change the home port of our vessels from Aberdeen to London" .
"This will be a total disaster we are not prepared to handle"
"Unless there are practical implementation plans to include the shipping and oil and gas industries, independence will be disastrous for Scotland"
"Independence would lead to a further decline in UK Continental Shelf Exploration and Production due to the lack of a mid-to-long-term strategy and tax regime security,"
Quite a few respondents indicated a lack of confidence in Scotland's ability to provide security for Scottish merchant ships. Others feared protectionist legislation and customs tariffs. Opinions were mixed on whether or not scotland was large enough to sustain independence and most believed that an independent Scotland would be generally ignored as a player in the global maritime industry. Most respondents felt that maritime policy was not discussed or debated prior to the independence vote and that such needed to be ironed out before a nation could be ready for independence. Shipping executives also expressed concern for Scottish employees presently residing in the UK who would instantly become aliens within the UK. Most of the respondents rate as low the probability that they would make an investment in an independent Scotland within the first year of independence.
Overall it appears that the attitude of Scotland's shipping and offshore executives on the outcome of the recent independence vote today is one of profound relief that "NO" carried the day.It appears that the maritime sectors of both Scotland and the UK dodged a bullet.
PHOTO By Diliff, Released under Creative Commons Attribution-Share Alike 3.0 Unported license.
American Admiralty Books Safety & Privacy Policies (Attention EU Visitors , possible "cookie" encounter ahead) |
:
Had the Scots voted for independence from the UK there would have been a very negative effect on Scottish Shipping and in offshore oil and gas development. International shipping adviser Moore Stephens performed a survey just prior to the the recent election eliciting the views of senior executives in Scotland's maritime transport and offshore oil and gas industries. More than half of the responding executives felt that independence would have had a very negative effect on their business.Two thirds feared the currency change away from the British pound would have a negative effect on offshore oil and gas revenues. Amazingly at the time approximately 74% said that they had no contingency plan for independence. A little less than half of respondents had foreign corporate ownership and existing business relationships with Scottish government and business entities. Interestingly, and perhaps ominously, these foreign investors had the most pessimistic attitudes towards a positive vote for independence. Among the remarks by the shipping executives of note:
"Scotland does not have the necessary infracture to replace the UK Merchant Marine. We will change the home port of our vessels from Aberdeen to London" .
"This will be a total disaster we are not prepared to handle"
"Unless there are practical implementation plans to include the shipping and oil and gas industries, independence will be disastrous for Scotland"
"Independence would lead to a further decline in UK Continental Shelf Exploration and Production due to the lack of a mid-to-long-term strategy and tax regime security,"
Quite a few respondents indicated a lack of confidence in Scotland's ability to provide security for Scottish merchant ships. Others feared protectionist legislation and customs tariffs. Opinions were mixed on whether or not scotland was large enough to sustain independence and most believed that an independent Scotland would be generally ignored as a player in the global maritime industry. Most respondents felt that maritime policy was not discussed or debated prior to the independence vote and that such needed to be ironed out before a nation could be ready for independence. Shipping executives also expressed concern for Scottish employees presently residing in the UK who would instantly become aliens within the UK. Most of the respondents rate as low the probability that they would make an investment in an independent Scotland within the first year of independence.
Overall it appears that the attitude of Scotland's shipping and offshore executives on the outcome of the recent independence vote today is one of profound relief that "NO" carried the day.It appears that the maritime sectors of both Scotland and the UK dodged a bullet.
No comments:
Post a Comment