By Mark Kleinman, City Editor
The boss of Britain's biggest DIY retail group has warned that Scottish consumers could face higher prices than their counterparts south of the border if voters back independence in next week's referendum.
Sir Ian Cheshire, who was among hundreds of business leaders urged by David Cameron on Monday to speak out in favour of the union, told Sky News that a 'Yes' vote would almost certainly mean increased costs for a standalone Scottish business that would be passed on to customers.
Sir Ian has previously warned of an investment hiatus in Scotland, where Kingfisher employs approximately 5,500 people at its B&Q division.
"We think there is a real risk in terms of higher costs, the uncertainty about a currency union and the difficulty of making investment decisions," he said on Tuesday.
"Smaller, more complex markets often mean passing higher costs on to consumers.
"Investment decisions would be on pause while we work out what's likely to happen.
"We are not going to pick up stores and move them south of the border but [a 'Yes' vote] would represent real and significant challenge for our business."
Sir Ian's comments about potentially higher prices echo private warnings by some of the big supermarket groups, although retailers have generally been unwilling to make such comments publicly.
Sir Ian is expected to make more detailed remarks on the issue alongside Kingfisher's interim results on Wednesday.
A number of other prominent executives are also expected to speak out on the issue in the coming days as they respond to the Prime Minister's plea to give public backing to a No vote.
The latest opinion polls indicate that the two campaigns are neck and neck, defying the forecasts of those who had predicted an overwhelming win for the No lobby as recently as a few weeks ago.
Concerns about the potential impact of a Yes vote prompted uncertainty in financial markets on Monday, with sterling falling to its lowest level against the dollar for ten months, and companies with significant Scottish exposure experiencing falls in their share prices.
At Monday's Downing Street gathering, Mr Cameron said that preserving the union was an objective in which business leaders had a critical role to play, adding that it was as a United Kingdom that Britain had fought and defeated Hitler.
Some campaigners believe that a recent pro-Union letter signed by more than 130 businesspeople was counterproductive, although further such messages are planned for the No campaign during the next week.
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