Pro-independence supporters in Glasgow’s George Square, ScotlandGETTY

Scottish independence would cause more damage to the nation’s financial services sector than Brexit, according to a new report by respected industry figures.

A University of Strathclyde report by former Royal Bank of Scotland economist Jeremy Peat, and Owen Kelly, lecturer at Edinburgh Napier University Business School and former head of Scottish Financial Enterprise, says the risks to Scotland’s financial services sector from leaving the European Union are not all that significant.

Even in the worse-case scenario of “hard Brexit”, these risks do not make a case for Scottish independence, according to the paper from the university’s international public policy…