One of the most respected figures in Scottish business and public life has voiced his support for Scotland remaining part of the UK.

Sir Ian Wood, a prominent figure in the oil industry, also predicted a separate Scotland would struggle to cope with depleting North Sea oil resources. 

Speaking publicly on the issue for the first time, he said: “I believe the debate should not be about nationalism, but growth and economic success, and the quality of life for citizens and all that goes with that.

“Against these measures, it’s very hard not to conclude the case is heavily weighted towards Scotland remaining in the UK and getting the best of both worlds – I want the best for future generations of Scots.”

He emphasised the fact he had no allegiance to any political party or side of the debate.

And he added: “Offshore oil and gas cannot figure significantly in Scotland’s medium economic calculations.”

Last week, the Scottish Conservatives revealed that oil revenues for 2013/14 were £1.5 billion lower than the previous year, and significantly lower than the Scottish Government had predicted.

Scottish Conservative leader Ruth Davidson MSP said:

“Sir Ian Wood is a huge figure in the oil industry and Scottish public life.

“His impartiality and independence are not in question, and as he explains his only interest is doing what is right. “Sir Ian’s words echo others from oil and gas industry - including key figures at BP and Shell - who say keeping the UK is the best option.

“Scotland benefits from thousands of jobs linked directly and indirectly to the North Sea. 

“Sir Ian is right to point out that oil is a declining resource that needs managed, and to criticise nationalists for misleading the Scottish public by over-inflating its future worth.”