Scotland: Pub Boss Downs Cost Sceptics

The chairman of pub chain JD Wetherspoon, Tim Martin, has told Sky News he does not share the view that price rises are inevitable if Scotland goes it alone.

His comments will be seen as a boost to the Yes campaign of First Minister Alex Salmond after a string of major banks and retailers warned of potential cost increases under independence from the UK.

Asda and John Lewis said on Thursday that sums would inevitably be passed on to the consumer while BP went as far as to say that it opposed independence.

Sky's City Editor Mark Kleinman reported earlier on Friday that major telecoms firms were considering a similar warning on the issue of costs.

But Mr Martin, whose company operates 67 pubs in Scotland, suggested such statements were premature and "greatly exaggerated".

Mr Martin argues independence is no barrier to success

He told Business Presenter Ian King: "It will entirely depend on the policies that Scotland follows.

"We all know that New Zealand, Singapore, Switzerland - small populations, extremely successful economies with their own currencies can do very well - so it becomes a question of what are the policies they're going to have."

For example, Britain is a terribly highly taxed country for pubs and if Scotland were  to say we're going to reduce excise duty to European levels, we're going to have the same VAT for pubs and supermarkets - because it's much higher for pubs in Britain at the moment - beer prices will go down".

He added: "Alex and I could be having a pint together in Vincent Square in Glasgow sometime soon".

Mr Martin, who has not taken sides in the referendum debate, spoke out following the release of the company's preliminary results for its last financial year, which showed record sales as a consequence of new pub openings and longer opening hours.

Profit before tax increased by 3.1% to £79.4m.

Mr Martin said the company generated £600.2m in taxes - the equivalent of £662,000 per pub - and employed an extra 3,000 staff.

He has consistently argued that a more favourable tax regime would allow him to invest more in new pubs and the creation of jobs.

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Chancellor Cancels Trip Due to Yes Vote 'Risks'

The Chancellor has cancelled an official trip to Australia because of the potential economic risks of a Scottish Yes vote.

George Osborne and the Bank of England Governor Mark Carney are pulling out of a meeting of the G20 on September 20 and 21.

The decision comes as polls show the Yes and No camps neck and neck ahead of the crucial independence referendum on September 18.

Thee are also growing warnings from businesses over the impact of a Yes vote.

Mark Carney is to return early from Australia for the result

The Bank has confirmed that Mr Carney - who is due to chair a meeting of the financial stability board of bank regulators in Cairns on Wednesday - will now return early to be back in time for the result.

And the Treasury said that Mr Osborne will not now be going to the weekend summit so will be the UK for the outcome of the vote.

"I can confirm that he is not attending," a Treasury spokesman said.

The Bank said that Mr Carney will be represented at the G20 by the deputy governor for financial stability, Sir Jon Cunliffe.

The latest opinion poll on independence suggests the result is on a knife edge, with both side neck and neck.

With less than a week to go, a new survey for Guardian and ICM indicate support for the No campaign is on 51%, while those in favour of Yes is just 2% behind on 49%.

But 17% of those asked said they had still not made up their minds.

Another poll also suggests the Better Together campaign has narrowly edged back into the lead with a 4% gap.

A YouGov survey put No on 52% and Yes on 48%.

The results came as as several independent heavyweights expressed their concerns if Scotland was to vote to become a separate country.

Asda and John Lewis said the increased costs of operating in an independent Scotland would inevitably be passed on to the consumer, leading to higher prices.

But Tim Martin, chairman of JD Wetherspoon, has told Sky News that price rises are not inevitable if Scotland votes for independence.

RBS, which has been based in Scotland since 1727 and employs 11,500 people there, also confirmed it would be moving its headquarters to London if Scotland voted for independence.

The International Monetary Fund (IMF), meanwhile, said a vote for independence could have a negative effect on the markets in the short-term because of "uncertainty".

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'Great Depression' Warning For Scottish Voters

A leading bank's warning that a Yes vote could be a mistake akin to those that sparked the Great Depression has threatened to overshadow the biggest weekend of political campaigning in Scotland's history.

At least 2.6 million leaflets will be delivered to households in 48 hours as polls suggest Thursday's vote is on a knife-edge.

More than 10,000 people are expected to attend a rally by the Orange Order in support of the Union in Edinburgh - and their cause has been backed by Deutsche Bank.

The financial institution claims the economic arguments against independence are "overwhelming".

Alex Salmond arrives in Dundee on the latest leg of his Yes campaign

Chief economist David Folkerts-Landau said a Yes vote could be a "mistake as large as Winston Churchill's decision in 1925 to return the pound to the Gold Standard or the failure of the Federal Reserve to provide sufficient liquidity to the US banking system, which we now know brought on the Great Depression in the US".

Mr Folkerts-Landau said he found it "incomprehensible" that Scots were even contemplating withdrawal from the UK, and pointed to the "recessions, higher taxes, lower public spending and higher interest rates" that had afflicted nations seen as potentially heading for the eurozone exit.

But Scotland's SNP Government accused him of failing to take into account the country's "strong fiscal position".

Gordon Brown is applauded after his Glasgow speech supporting a No vote

Deputy First Minister Nicola Sturgeon will be in Glasgow having promised on Friday to use the occasion to explain what independence will mean for jobs and wealth creation.

She said the Yes campaign's "momentum is still growing and will soon become unstoppable, as people reject the Downing Street-orchestrated campaign to talk Scotland down".

The Yes side was planning to have more than 35,000 volunteers on the streets of Scotland over the weekend, manning 473 registered street stalls.

Meanwhile, Labour big-hitters such as former prime minister Gordon Brown and shadow Scottish secretary Margaret Curran will be trying to persuade the public to vote No in the country's east.

Yes supporters have grafittied over a No campaign banner

The latest opinion poll by ICM in Saturday's Guardian put decided voters 51-49% in favour of No. 

Many of Britain's newspapers reported on comments by a former SNP deputy leader which appeared to threaten recriminations against businesses that backed a No vote.

Jim Sillars said there would be "a day of reckoning with BP and the banks" if Scotland votes Yes, adding that BP would "need to learn the meaning of nationalisation".

Nigel Farage attacked Alex Salmond but suffered protests from demonstrators

In a fiery interview with Sky News, Mr Sillars said he was simply using "robust" language to draw attention to the "orchestrated fear campaign coming from Downing Street".

Meanwhile, UKIP leader Nigel Farage arrived in Scotland on Friday and used a rally to hit out at what he described as Alex Salmond's "entirely false prospectus" being offered to voters north of the border.

New research revealed increasing polarisation among those on both sides of the border as the vote approaches.

A survey by debt management company PayPlan found a majority of Scots in debt are worried their debts will worsen after independence.

A separate poll among English voters for the Daily Mail found that while 70% want Scotland to stay in the Union, if they do go 53% believed Scotland should not be able to keep the pound, and 83% think Scotland should be forced to take its share of the multi-billion pound national debt.

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Yahoo Faced Huge Fine Over Surveillance Data

The US government threatened to fine Yahoo $250,000 (£154,000) a day if it failed to turn over customer data to intelligence agencies - a step the search engine company regarded as unconstitutional.

The details emerged after a federal judge ordered the unsealing of some court documents about a legal challenge launched by Yahoo in 2007 against government surveillance.

Yahoo lost the court battle, which experts say helped pave the way for the Prism surveillance programme revealed last year by former National Security Agency contractor Edward Snowden.

Marc Rotenberg, executive director of the Electronic Privacy Information Centre, said: "It's always been a little bit behind the curtain as to what internet companies do when they actually receive these requests.

"Now we have evidence that Yahoo did in fact fight this battle and look at considerable fines as a consequence of not disclosing the data.

"It tells us how very serious the Bush administration was about trying to get the internet firms to turn over this data. Until the disclosure, it was mostly hearsay that they were willing to impose these penalties."

US internet companies are eager to disclose as much as they can about the procedure through which federal agencies request their user data in secret courts, in part because of worries about the impact on their business.

On Thursday, Yahoo said it would begin to make public some 1,500 previously classified pages documenting the lengthy tussle with the US government.

"Despite the declassification and release, portions of the documents remain sealed and classified to this day, unknown even to our team," Yahoo general counsel Ron Bell said in a blog post on the company's website.

Earlier this year, Yahoo, Facebook, Microsoft and Google began publishing details about the number of secret government requests for data they receive, hoping to show their limited involvement in US surveillance efforts.

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Ukraine Crisis: New EU Sanctions Target Russia

A new round of EU sanctions against Russia have been imposed, with Moscow threatening to retaliate with further measures of its own.

The tit-for-tat economic penalties - stemming from Russia's actions in Ukraine - also involve the US which is set to move ahead with steps against the country's financial, energy and defence sectors.

The EU and the US have said the sanctions can be withdrawn within weeks if the ceasefire in eastern Ukraine holds, though it has claimed that Russian troops remain there in support of separatists.

The EU's new measures include limiting Russia's access to financial markets and targeting more officials with travel bans and asset freezes.

BP holds a stake of almost 20% in Rosneft

Those individuals include leading politicians Igor Lebedev and Vladimir Zhirinovsky.

It has been suggested that Russia's top oil producers and pipeline operators Rosneft, Transneft and Gazprom Neft will be on a list of Russian state-owned firms that will not be allowed to raise capital or borrow on European markets.

Such measures threaten to hit earnings at BP, which has a near-20% stake in Rosneft.

The FTSE 100 company revealed in July that its share of Rosneft underlying net income was $1bn in the second quarter of 2014 - revenue that is crucial to BP as it continues its recovery from the Deepwater Horizon disaster in the Gulf of Mexico.

President Putin has denied Russian troops are in eastern Ukraine

News that the latest round of sanctions had been agreed in Brussels drew a furious response from Moscow.

The Russian Foreign Ministry said: "By taking this step, the European Union has de facto made its choice against a peaceful resolution of the inter-Ukrainian crisis.

"Today Brussels and the leaders of the EU nations need to give a clear answer to EU citizens as to why they are putting them under the risks of confrontation, economic stagnation and unemployment."

Russia has denied any involvement in the Ukraine crisis, despite Western accusations that it has been arming separatist rebels and deploying troops in the neighbouring former Soviet republic since the annexation of Crimea from Ukraine in March.

Many EU member states had been loath to increase the sanctions against Russia for fear of jeopardising their close trade relationships with Moscow.

The impact has been blamed for a slump in business confidence in many euro area economies, where recovery in output has stalled.

Firms in countries such as Germany, which rely on Russian gas for energy, fear Russia will respond to the sanctions by turning off the taps.

Russia, which has revised sharply down its own growth estimates for 2014 amid plunging stock market and rouble values, had already issued a veiled threat that it could ban Western airlines from using Russian airspace - a move that would lead to higher fuel costs and delays for flights to Asia by European airlines.

Carriers had already had to lengthen journey times to bypass airspace over eastern Ukraine in the wake of the shooting down of Malaysian Airlines flight MH17 in July - widely blamed on Russia.

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Barclays To Name McFarlane As New Chair

Barclays is to name one of Scotland's most senior businessmen as its next chairman, recruiting from the FTSE-100 insurance giant Aviva.

More follows...

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Lloyds And RBS Want New Law To Help HQ Move

By Mark Kleinman, City Editor

Directors of Britain's two big state-backed banks will press the Government to introduce legislation that would expedite a relocation of their legal headquarters if Scotland votes for independence.

Sky News has learnt that Lloyds Banking Group and Royal Bank of Scotland (RBS) want ministers to introduce a new Act of Parliament that would avoid the need for a lengthy legal process handled by the courts.

Directors of both lenders are concerned that the process for moving their banking licences and legal base – using a mechanism called a Part 7 Transfer under the Financial Services and Markets Act – would be too time-consuming.

Amid uncertainty about the currency that an independent Scotland would use, Lloyds and RBS are concerned that credit ratings agencies would downgrade them if they remained domiciled in Scotland.

While they have not yet held talks with the Treasury about the details of new legislation, sources close to Lloyds and RBS confirmed on Thursday that they were keen for it to happen.

The two banks have drawn up plans to move their legal bases to London, although Lloyds' operations have already been based in England for more than a century.

RBS's relocation would be likely to involve the transfer of some jobs, although it declined to say how many in a statement issued on Thursday morning.

"There are a number of material uncertainties arising from the Scottish referendum vote which could have a bearing on the Bank's credit ratings, and the fiscal, monetary, legal and regulatory landscape to which it is subject.

"For this reason, RBS has undertaken contingency planning for the possible business implications of a 'Yes' vote," it said.

"As part of such contingency planning, RBS believes that it would be necessary to re-domicile the Bank's holding company and its primary rated operating entity (The Royal Bank of Scotland plc) to England."

RBS insisted that shifting its legal base to England would have "no impact on everyday banking services used by our customers throughout the British Isles"

Underlining the sensitivity of its latest intervention, RBS said that the referendum was "a matter for the Scottish people" and pointed out that it had been based north of the border since 1727.

"RBS intends to retain a significant level of its operations and employment in Scotland to support its customers there and the activities of the whole Bank," it said.

Lloyds said it was clarifying its own contingency plans following enquiries from customers and employees.

"While the scale of potential change is currently unclear, we have contingency plans in place which include the establishment of new legal entities in England.

"This is a legal procedure and there would be no immediate changes or issues which could affect our business or our customers."

Both banks had already highlighted the potential risks of a 'Yes' vote in results announcements and company documents earlier this year.

The Treasury said that such contingency planning was "understandable" but continued to insist that it was not undertaking such work itself.

"The Government is not making contingency plans for a yes vote.

"However, as the Governor of the Bank of England has made clear, the UK authorities are responsible for financial stability in every part of the UK and will do everything necessary to work closely in all circumstances with all financial institutions who are based or wish to be based in the UK."

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Scottish Islanders Divided On Splitting From UK

By Ian King, Business Presenter

The Orkney Islands are one of Scotland's most prosperous regions. Unemployment here is much lower than in the rest of Scotland and the quality of life - with house prices lower than mainland Scotland - is good.

Orkney has more young people, per head of population, than Scotland as a whole. Its children do better in school, on average, than most Scots and its people are also healthier, on average, than most Scots.

Yet, in common with the rest of Scotland, Orkney's people are divided over whether it should become an independent country - nowhere more so than among the ranks of its fishermen, a sector less important to the Orkadian economy than was once the case, but still one that defines the islands and their rugged character.

Neil Mathheson, a scallop fisherman and a strong supporter of the Yes campaign, has no doubt fishing will do better in an independent Scotland.

The Scotland referendum is just over a week away

He said: "With independence, everything will be closer to the people. These would be our issues.

"The last UK fisheries minister couldn't tell you the difference between a haddock and a whiting, or a haddock and anything. I do believe an independent Scotland should have a dedicated fisheries minister that deals with the fisheries.

"If there is a mess, it will be our mess, not one we can blame on somebody else. We are not much better off than Greece at the moment."

His colleague Sean Dennison, a crab fisherman, agreed. He said: "We all have to make decisions every day of our lives.

Alex Salmond has seen his Yes campaign close the gap in polls

"If you are closer to the people that are putting forward [legislation] then I think we are as well-placed... through Holyrood as Westminster.

"You're closer to everything you do on the sea, entitlements for catching fish, whatever."

But that is not everyone's opinion.

Robert Smith, a lobster fisherman, is firmly in the No camp.

He said: "Scottish politicians are anti the fishing industry."

He warned that a Yes vote for independence will not leave it there, suggesting that it would be quickly followed by demands for independence from the neighbouring Shetland Islands, where an "Our Islands, Our Future" movement is already gaining ground.

Alistair Darling has accused the No campaign of having "no plan B"

Between them all sits John Welles, a prawn fisherman, who has yet to make up his mind.

He said: "We haven't been given enough information. If we say yes and it all goes wrong, where do we go from there?

"We are ok at the moment, I'm not saying it's great, but we are ok. If we vote yes and it goes bad, where do we stand then?"

And this is very much the point that appears to be on the minds of the "Don't Knows" - this is a decision, once made, that cannot be reversed.

How will the quartet explain the way they have voted to their children and grandchildren and especially if an independent Scotland struggles?

Mr Mathheson said: "How do I explain to my grandchildren if Boris Johnson or Nigel Farage was Prime Minister?

"That would really worry me, far more than Alex Salmond or Nicola Sturgeon, or any Liberal Democrat [the Orkneys are a traditional Liberal stronghold].

"Even that nice Tory lady [Annabel Goldie] that used to be there, she'd be better than them, at least she was what it said on the packet. I'd be more embarrassed about Boris or Nigel."

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Morrisons Profits Halve As Sales Dive 7.4%

Morrisons has confirmed a 51% fall in underlying half year profits to £181m following a big fall in sales.

The supermarket chain, which like market leader Tesco has suffered amid the challenge from hard discounters, said like-for-like sales excluding VAT and fuel sales tumbled 7.4% on the same period last year.

The results showed profits were hurt  hurt by its decision earlier this year to cut prices to counter the loss of market share to the discounters such as Aldi and Lidl and by a weak overall food market.

Morrisons' non-executive chairman, Sir Ian Gibson, described overall conditions as "tough".

The profit total was its lowest for eight years though Morrisons said it was paying an interim dividend of 4.03p-per-share, up 5% and confirmed a commitment to pay a full-year dividend of no less than 13.65p.

It held its full-year underlying pre-tax profit guidance at £325m-£375m - which also helped its share price higher in early trading following a 40% fall over the past 12 months. 

In addition to the industry price war, Morrisons was late to join the rush for convenience store offerings and online grocery shopping.

The chain's chief executive, Dalton Philips, insisted its three-year plan to turnaround the company's fortunes - including £1bn in savings - was beginning to show signs of progress.

He said: "We are six months into the three-year plan that we set out in March and, although it is early days, I am encouraged by the progress we have made.

"There is an enormous amount of change and modernisation flowing through our core business, much of it enabled by new systems.

"Price investment, in-store improvements and better products were all key components of the work undertaken in the first half and the Morrisons Card launches soon".

He said online and convenience were "progressing well" though the general results statement admitted "headwinds".

Tesco and Morrisons have been the big losers in terms of market share amid the discount challenge to the major four chains.

Tesco, which sacked Philip Clarke as chief executive, recently cut its half-year dividend payment by 75% in order to preserve funds for Mr Clarke's replacement Dave Lewis.

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Apple Unveils 'Supersize' iPhone 6 And Watch

Apple has lifted the lid on bigger iPhone 6 models, with screen sizes of up to 5.5 inches, and also unveiled its first watch.

The new phones are a significant upgrade from the outgoing flagship, the iPhone 5S, which has a 4-inch screen.

The watch - called simply Apple Watch - is customisable in "millions" of ways, said the firm at its annual showpiece event in California.

The company says the watch is a health and fitness device with many of the same features as a smartphone - but crucially needs an accompanying iPhone to work.

It uses GPS and Wi-Fi to track the distance covered by the wearer for example, and a tap of the screen can send an alert vibration to another Watch user.

It will start at $349 (£216) and comes out early next year.

Ernest Doku, technology expert at uSwitch.com, said Apple had nailed a "truly attractive design" which could win over consumers.

The Apple Watch also requires an iPhone to function

However, he added that Apple were quick to gloss over the fact that an iPhone is also needed - making it an even more costly product.

Among the features of the two new iPhones are a better sensor and autofocus for the camera, and a landscape mode.

A HD FaceTime camera also promises improved face detection.

The iPhone 6 comes with a 4.7-inch screen, while the 6 Plus has a 5.5-inch display.

"I'm pretty amazed they've dumped the 4-inch iPhone - it was hugely successful," said Duncan Bell from gadget magazine T3.

"It would have at least slightly addressed criticisms that all Apple does is follow the market, rather than leading as it once did."

A new payment process called Apple Pay was also announced. It uses fingerprint ID for security and stores payment information on a NFC chip.

The event is arguably the biggest in the tech calendar

Apple claims the feature is more secure than keeping cards in a wallet.

Payments using NFC (near-field communication) technology could be "revolutionised" if Apple's feature catches on, says one expert.

Anthony Duffy, director of retail banking at Fujitsu UK, said the company had "again sent out a challenge to the industry".

"Apple's decision to go for NFC - a technology that up until now has struggled to clearly stamp its mark on the payments industry - is a bold one," said Mr Duffy.

Shares in the company jumped following the watch unveiling, but then settled back down to the pre-event price.

The landscape mode takes advantage of the bigger screen

Chatter about the handsets' vital statistics had been circulating for months on technology websites and blogs, and many were proved right as Apple boss Tim Cook stepped on stage for the big reveal.

The phones go on sale in the US and eight other countries on September 19. Pricing is still to be announced.

Apple had been under pressure to make a bigger iPhone after rivals outgunned it with handsets like Samsung's Galaxy S5 and the HTC One M8.

"Apple has finally learnt (from) Samsung that bigger is better," said Ashley Michael Pearson on the Sky News Facebook page.

Others, such as Nathan Mass, were more complimentary: "Apple offers devices with an unbeatable premium build quality and for that reason alone, I will always be an Apple fan!"

The Cupertino firm is also not the first tech giant to launch a watch product - Samsung brought out its Gear smartwatch in September 2013.

Google has also plunged headfirst into the trend for wearable technology with its Glass product.

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Energy Firms Return £153m In Unclaimed Credit

The so-called 'Big Six' energy companies have launched a campaign to reunite former customers with £153m of unclaimed credit on their accounts.

The MyEnergyCredit initiative - launched by the industry body Energy UK - was a response to a demand for action from the regulator Ofgem back in February.

Its estimate then was that up to £400m in closed accounts from direct debit payments was being held by energy firms.

Energy UK said the campaign would encourage customers who have switched suppliers or moved home without leaving a forwarding address to get in touch with their old company if they think they have left money behind.

It also announced changes to help prevent such cash piles building up in future though it would now impose a two-year deadline for collection of credit, with any funds left behind after that time being donated to help vulnerable customers.

It said this would amount to £38m by the end of 2015 and total at least £65m over the next five years.

Energy UK's chief executive Angela Knight said: "We are urging former customers to come forward and make a claim.

"Customers who think they haven't left a forwarding address or a final meter reading when they moved or switched should contact their old supplier.

"The web site myenergycredit.com will help you do this.

"Inevitably, there will be some former customers who will not be found and so the major suppliers are announcing what will happen to credit balances from now on.

"In future, after two years, the credit balance will be used to help vulnerable customers - and suppliers will make it very clear what is happening.

"By 2018, these new arrangements are expected to add up to around £65m of help to those in difficulties.

"The suppliers will kick start this process now by donating £38m for the first two years combined."

Ofgem chief executive Dermot Nolan said: "Today's industry announcement is an encouraging first step by the six largest energy companies to address Ofgem's call to reunite customers with their cash.

"It is good news for consumers and if you think you could be owed money we recommend that you contact your previous supplier.

"This issue is part of a wider challenge of delivering good customer service that the industry must crack if they are to rebuild customer trust and confidence.

"Failure to deliver on the initiatives announced today could trigger further action by Ofgem, including enforcement."

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Sir Ian Cheshire Leaving B&Q Owner Kingfisher

The chief executive of the group behind the B&Q DIY brand, Sir Ian Cheshire, is to leave at the end of the firm's financial year.

The announcement was made as Kingfisher confirmed half-year results that slightly exceeded market expectations.

Europe's largest home improvements retailer said Sir Ian, who took over in January 2008, would be succeeded by Veronique Laury, the boss of its French unit Castorama.

The firm, which runs the B&Q and Screwfix chains in Britain and Castorama and Brico Depot in France and other markets, said it made an underlying pre-tax profit of £364m in the 26 weeks to August 2.

Veronique Laury is currently running Castorama in France

Profit before tax fell 6% to £375m.

Kingfisher said it had a strong first quarter as fine weather drove sales at stores open over a year up 6.1% but experienced
a sharp slowdown in its second quarter.

The firm cautioned in July that its markets in the second quarter, notably in June, had been slower than anticipated, particularly in France and Poland.

B&Q China sales decreased by 7.3% on a like-for-like basis - impacted by a slowing Chinese property market.

UK & Ireland retail profit rose 17.7% to £166m compared to the same period last year.

It was the succession plan which dominated reaction to Kingfisher's update as Sir Ian had presided over a 120% increase in the group's share price during his near seven-year tenure.

He has more recently weighed in to the Scottish independence debate, telling Sky News on Tuesday that Scottish consumers could face higher prices if they back the Yes campaign.

His replacement, who will become the fifth female CEO of company on the FTSE 100, has been with Kingfisher since 2003 and her previous roles have included running the commercial operations of the UK businesses.

Kingfisher described her as having "a passion for home renovation, having completely renovated three homes".

Its statement said: "This decision, reached during the regular succession discussions between the board and (Cheshire) recognises that the next phase of Kingfisher's evolution requires a significant leadership commitment and continuity".

Kingfisher's share price rose 3% in early trading on Wednesday.

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Fast-Track Care For Workers With Stress

Mental illness cost the UK economy up to £100bn last year prompting calls for speeding up care through the health system.

The chief medical officer said there has been a 24% increase in the number of working days lost to stress, depression and anxiety since 2009.

Professor Dame Sally Davies said around 70 million working days were lost to mental illness in 2013.

In her latest annual report, Dame Sally said more needed to be done to help people battling mental illness to remain in work.

She said: "The costs of mental illness to the economy are astounding. Through this report, I urge commissioners and decision-makers to treat mental health more like physical health.

"Anyone with mental illness deserves good quality support at the right time.

"One of the stark issues highlighted in this report is that 60-70% of people with common mental disorders such as depression and anxiety are in work, so it is crucial that we take action to help those people stay in employment to benefit their own health as well as the economy."

Dr Peter Carter, chief executive and general secretary of the Royal College of Nursing, said: "The treatment gap for people with mental health problems can no longer be ignored.

"Not only are people with mental health problems in need of better support for their mental health conditions, but there is an unacceptable and preventable level of correlation with physical ill health."

Stephen Dalton, chief executive of the NHS Confederation's Mental Health Network, added: "We welcome this bold report and its important contribution to a long overdue national debate."

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Scottish Jobs Market 'Wobbles' Ahead Of Vote

Uncertainty over the result of the next week's independence referendum may have knocked the confidence of employers in Scotland, according to a survey.

Manpower's employment outlook study measured a six-point fall for Scotland compared to its last survey - with growth in the fourth quarter of 2014 currently expected to be half that of the wider UK.

Hiring intentions nationwide also deteriorated, the survey found, with not only the referendum result knocking UK confidence.

The study was released 24 hours after financial markets reacted negatively to a poll showing the Yes campaign in the lead.

James Hick, managing director of ManpowerGroup Solutions, said: "The UK jobs market has experienced an unprecedented boom so far in 2014, with job creation peaking at its highest level since records began in 1971.

"This raises questions about whether the phenomenal level of job creation we've seen can be sustained.

"The fourth quarter's Outlook suggests it can't, with a two-point fall in hiring intentions - the sharpest dip we've seen in three years.

"While the UK economy is in robust health, there are issues that may be making employers more cautious.

"The eurozone's recovery is stalling, and the UK faces a period of political uncertainty with the Scottish independence referendum, a General Election and a potential vote on EU membership all on the horizon".

Manpower said its previous outlook study indicated that employers in Scotland remained confident about their hiring plans in the run up to the referendum but as September 18 drew closer, that confidence took a tumble.

Mr Hick added: "This could be due to the hesitance of employers to take on staff while there is a big question mark hanging over Scotland's future.

"However, the decline could also be down to the short-term nature of some of the recent hiring we've seen, fulfilling the demands of Scotland's Summer of Sport ...like the Commonwealth Games and the Ryder Cup in Gleneagles.

"It looks like the booming temporary jobs market may have left Scotland at the same time as the Commonwealth Games baton".

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Report Into Downing Of MH17 Set For Release

Dutch authorities are expected to publish a preliminary report into the shooting down of Malaysia Airlines flight MH17 later.

The Netherlands is co-ordinating criminal investigations into the July 17 disaster by multiple countries, including Ukraine, Malaysia, Australia and Belgium.

The report will set out what is believed to have happened, but will not apportion blame.

All 298 passengers and crew on board the plane were killed when the aircraft, which was flying from Amsterdam to Kuala Lumpur over an area in eastern Ukraine controlled by pro-Russian separatists.

Newcastle fans Liam Sweeney and John Alder were among the victims

The rebels in Ukraine have publicly denied responsibility for shooting down the aircraft.

Only 193 of those on board have been positively identified, including Newcastle United fans Liam Sweeney, 28, and John Alder, 63, who were travelling to New Zealand to watch their team play.

Forensic teams are still trying to identify remains found in the wreckage of the aircraft.

Most of those on board were Dutch, but there were also people from Canada, Germany, Indonesia, New Zealand, the Philippines and the UK.

Rebels in Ukraine prevented medical personnel from recovering the bodies of victims as fighting erupted with Ukrainian forces.

The crash occurred just months after the still-unexplained disappearance of Malaysia Airlines flight MH370.

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Japan's Economy Dips As New Sales Tax Bites

Japan's economy has shrunk by 7.1%, on an annualised basis, amid pressure on the government to halt a second big hike in sales tax.

The figures come as a blow to Prime Minister Shinzo Abe and his plan to rejuvenate the economy.

It was the steepest quarterly drop in the world's third largest economy since the 2011 earthquake and tsunami.

Gross domestic product (GDP) in the three months to the end of June contracted 1.8% from the first quarter, worse than the previously estimated fall of 1.7%.

The annualised basis drop of 7.1% - calculated if the performance was replicated over a 12-month period - exceeded the 6.8% preliminary estimate.

The annualised rate means it was the worst performance since early 2009, amid the depths of the global financial crisis.

Experts said it was a result of a 3% rise in sales tax in April to 8% - the first increase for 17 years - designed to increase revenue and reducing Japan's massive national debt.

It is due to be raised again, to 10%, in 2015.

The economy had been expanding in the first quarter, as consumers splashed out on goods ahead of the sales tax rise.

A weakened yen had also helped the economy and exporters, spurring on a stock market rally, amid a monetary easing policy.

"Expectations will likely strengthen for further monetary easing by the Bank of Japan and more spending by the government," SMBC Nikko Securities chief economist Junichi Makino said.

Meanwhile China, which has shot past Japan to be the world's second largest economy, announced a surge in the August trade surplus to a record monthly figure of $49.8bn (£30.8bn).

Imports fell 2.4% year-on-year, while exports increased 9.4% in the period.

The results came on the heels of data showing softness in China's economy during the current third quarter, prompting economists to expect officials to take further steps to boost growth.

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Business Leaders Sucked Into Independence Row

By Ian King, Business Presenter

Business people hate getting involved in politics, as a rule.

There is little upside to getting involved in political spats, particularly for those running consumer-facing businesses, as such interventions often risk alienating customers.

Shareholders do not like to see chief executives of the companies in which they are invested getting involved in politics, either, as it is a distraction from making them money.

Like it or not, though, business leaders have been sucked into the debate over Scottish independence ahead of the referendum.

Both sides have rolled out some big names, too, with the 'Yes Scotland' campaign's supporters including Sir Brian Souter, the Stagecoach founder, Ralph Topping, until recently the chief executive of William Hill, and Sir George Mathewson, the former chairman of Royal Bank of Scotland.

Sir George, a long-time supporter of Scottish independence, told Sky News there were plenty of benefits for the Scottish economy in the event of a 'Yes' vote.

"It would mean the Scottish government was responsible for both sides of the balance sheet - for the income and the expenditure," he said.

Sir George Mathewson says voting 'yes' will bring many economic benefits

"I think we can better use the revenues we have - Scottish GDP is about the same per head as the UK as a whole, and that's not counting the oil.

"I think we can make much better use of the oil revenues than historically by the UK, and we can do things to tailor the assets we have rather than the UK government as a whole will do, but I also like to think the social aspirations of Scotland will be better catered for in an independent Scotland.

"We will no longer have to go cap in hand to the UK government if we have different plans for education and health."

The Better Together campaign also has some big Scottish business names backing it. They include Douglas Flint, the chairman of HSBC, Andrew Mackenzie, chief executive of BHP Billiton - the world's biggest mining company - and Keith Cochrane, chief executive of Weir Group, the £5.6bn pump and mining equipment maker.

Keith Cochrane says voting 'no' will ensure 'the best of both worlds'

Mr Cochrane, who recently helped co-ordinate a letter of business leaders urging Scots to support remaining in the UK, said he was worried about the uncertainty that a 'Yes' vote would create, particularly over the currency that an independent Scotland would use.

But he said his main reason for voting 'no' was that businesses would do better from remaining in the United Kingdom.

He told Sky News: "I will vote no because I think we can have the best of both worlds. A strong Scottish Parliament, focused on the domestic agenda, but, as part of the UK, we can benefit from being a part of a domestic market of 63 million - the skill, the ability to manage risk far more effectively than as an independent Scotland."

The key issue facing every voter in the Scottish referendum is whether Scotland's economy will be stronger, and more jobs created, in the event of independence.

Few people are better placed to speak out on this subject than business people and wealth creators. It is good that they are doing so.

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Scotland Campaign Leaders Launch Final Push

Business Leaders Sucked Into Independence Row

Updated: 8:00am UK, Monday 08 September 2014

By Ian King, Business Presenter

Business people hate getting involved in politics, as a rule.

There is little upside to getting involved in political spats, particularly for those running consumer-facing businesses, as such interventions often risk alienating customers.

Shareholders do not like to see chief executives of the companies in which they are invested getting involved in politics, either, as it is a distraction from making them money.

Like it or not, though, business leaders have been sucked into the debate over Scottish independence ahead of the referendum.

Both sides have rolled out some big names, too, with the 'Yes Scotland' campaign's supporters including Sir Brian Souter, the Stagecoach founder, Ralph Topping, until recently the chief executive of William Hill, and Sir George Mathewson, the former chairman of Royal Bank of Scotland.

Sir George, a long-time supporter of Scottish independence, told Sky News there were plenty of benefits for the Scottish economy in the event of a 'Yes' vote.

"It would mean the Scottish government was responsible for both sides of the balance sheet - for the income and the expenditure," he said.

"I think we can better use the revenues we have - Scottish GDP is about the same per head as the UK as a whole, and that's not counting the oil.

"I think we can make much better use of the oil revenues than historically by the UK, and we can do things to tailor the assets we have rather than the UK government as a whole will do, but I also like to think the social aspirations of Scotland will be better catered for in an independent Scotland.

"We will no longer have to go cap in hand to the UK government if we have different plans for education and health."

The Better Together campaign also has some big Scottish business names backing it. They include Douglas Flint, the chairman of HSBC, Andrew Mackenzie, chief executive of BHP Billiton - the world's biggest mining company - and Keith Cochrane, chief executive of Weir Group, the £5.6bn pump and mining equipment maker.

Mr Cochrane, who recently helped co-ordinate a letter of business leaders urging Scots to support remaining in the UK, said he was worried about the uncertainty that a 'Yes' vote would create, particularly over the currency that an independent Scotland would use.

But he said his main reason for voting 'no' was that businesses would do better from remaining in the United Kingdom.

He told Sky News: "I will vote no because I think we can have the best of both worlds. A strong Scottish Parliament, focused on the domestic agenda, but, as part of the UK, we can benefit from being a part of a domestic market of 63 million - the skill, the ability to manage risk far more effectively than as an independent Scotland."

The key issue facing every voter in the Scottish referendum is whether Scotland's economy will be stronger, and more jobs created, in the event of independence.

Few people are better placed to speak out on this subject than business people and wealth creators. It is good that they are doing so.

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Europe Agrees On Fresh Russian Sanctions

European leaders have agreed to hit Russia with a fresh round of sanctions - despite Moscow signing up to a ceasefire in Ukraine.

The sanctions include credit restrictions on Russia companies, export bans, travel bans and asset freezes on a new set of officials, according to a European Union diplomat who spoke on condition of anonymity.

Two branches of the world's biggest oil producer - Gazprom Bank and Gazprom Neft - are targeted by the measures, said the diplomat.

Speaking at the end of a Nato summit in Wales on Friday, David Cameron said sanctions would continue despite both sides agreeing to the 12-point peace plan.

However, the Prime Minister said they could be lifted if a lasting peace was found.

The new restrictions, which will be imposed early next week, come as Britain agreed to supply 1,000 troops to a Nato rapid response force aimed at countering Russian aggression in Ukraine and Eastern Europe.

Nato Secretary General Anders Fogh Rasmussen revealed the plan for the Spearhead force after discussions with members in Newport.

Ukraine was a dominant topic on the final day of the Nato summit

"This decision sends a clear message: Nato protects all allies at all times," he said.

"And it sends a clear message to any potential aggressor: should you even think of attacking one ally, you will be facing the whole alliance."

Western leaders accuse Russia of sending thousands of troops into the east of Ukraine - prompting fears of future incursions into other Eastern European countries.

Mr Rasmussen said the Spearhead force would establish a command-and-control presence in the east of allied territories ready to deploy air, sea and special forces in the event of aggression.

He told Sky News Tonight: "We have decided to improve our ability to act swiftly. The force could be deployed within very few days if needed.

"The intention is to strengthen the defence of our allies."

Mr Rasmussen said alliance countries would contribute troops on a rotational basis to the high-readiness force.

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UK Airlines Axe Flights Due To Italian Strike

Thousands of UK air passengers suffered disruption to flights as a result of a strike by Italian air traffic controllers.

Ryanair said it was forced to cancel 96 flights to and from Italy, including a number serving UK airports, during the four-hour walkout on Saturday.

EasyJet had to axe a further 60 flights, including 20 in and out of the UK.

British Airways also had to re-schedule a number of flights.

The strike took place from 11.30am to 3.30pm UK time.

It was expected to cause delays throughout the day - but Ryanair said its services had now returned to normal.

Ryanair has apologised for the disruption

Its spokesman, Robin Kiely, said: "We sincerely apologise to all passengers who have had their travel plans disrupted by these unjustified ATC (Air Traffic Controllers) strikes."

Easyjet said it had offered anyone flying to or from Italy during the strike the chance to transfer their flights to another day free of charge.

A spokeswoman for consumer organisation Which? said: "If you have a flight delay because of a strike, your airline has an obligation to offer you assistance if the delay is expected to go beyond a certain point.

"You could be entitled to food, drink and overnight accommodation, if required.

"Our advice is always to contact your airline before travelling to the airport to check if your flight has been affected."

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Exodus Of Brits From Economic Woes in Cyprus

By Tom Parmenter, Sky News Correspondent

British expats are packing up and leaving Cyprus as the effects of the financial meltdown continue to be felt.

Removals firms on the island have seen huge demand from people moving back to the UK, with immigration from the east helping replace those on their way out.

Significant numbers of Russians and Chinese are moving in, with the attraction of an EU passport and the freedom to move around Europe if they get residency.

Peter Morton Removals started operating on the island nine years ago, when most of their customers were arriving on Cyprus to begin a dream new lifestyle in the sun.

Stacey Morton, who juggles client requests and the logistics for the family firm, told Sky News Britons were still arriving but that just as many were heading home.

She said: "We are busy. Per day, I can get anything between 20 to 30 enquiries a day."

Jude Dudson says some families can no longer afford the live in Cyprus

Her colleague, Jude Dudson, moved over from Penrith in Cumbria six years ago.

She is part of the settled expat community but sees many sad stories where people have been forced to head home.

"It tends to be the older people who are now getting to the point where they need medical attention, or their pension has been affected," she said.

"The prices have gone up. The electricity is very, very expensive.

"Then you get the people with the young families that have lost their jobs and they can't afford to live here anymore."

It is 18 months since the financial crisis in Cyprus left the banking system paralysed and saw an unprecedented EU rescue package that clawed back cash from people's savings accounts.

The economy took a big hit and is still recovering, unemployment is high.

British expats are part of a changing society

The influx of Russians has continued apace and, desperate to open new revenue streams, the Cypriots are wooing the Chinese and many new housing developments have signs and brochures in Mandarin.

It leaves the British expats part of a changing society.

Michael Coombs, who lives near southern coastal city Limassol, told Sky News: "It is not the heaven it once was, it is very expensive to live here now.

"If you were retired you could see your pension eroded by the local costs but at the end of the day we have wonderful weather.

"We don't switch the central heating on in August so I'm not moving. I planned my finances around the worst possible case and it hasn't got there yet."

Renting is now becoming more popular than buying for the Brits and Russians moving to Cyprus, with people naturally more cautious of sinking their life savings into buying their place in the sun.

It is a story that is common right across the southern beaches of the Eurozone. 

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