The UK’s largest defence and aerospace companies have raised “serious questions” about the possible consequences of the Scottish independent referendum.
ADS, the aerospace and defence trade body whose members include BAE Systems, Airbus UK, Lockheed Martin UK and Rolls-Royce, said companies in the sectors had expressed several concerns about the lasting consequences of independence for their global competitiveness.
The £22bn defence sector is currently the second largest exporter of defence equipment in the world after the US, with more small and medium-sized companies than France, Germany, Spain, Italy and Norway combined.
The UK’s aerospace industry has a 17pc market share, second only to the US, employs more than 230,000 people directly and indirectly, and has a backlog of orders worth a potential $600bn (£358bn) over the next 20 years.
The scale of the industries could be at risk, as uncertainty over tax, monetary policy and fiscal stability “presents risk both to companies across the UK and to potential inward investors”, said Paul Everitt, the trade body’s chief executive.
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