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Independence referendum caused uncertainty for Aberdeen bypass investors

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The Scottish Government has been urged to stop talking about the possibility of a second referendum amid fears that it could delay the construction of the Aberdeen bypass.

Labour and the Conservatives spoke out after it emerged that one of the world’s largest financial firms suspended plans to invest money in the £745million scheme until after the historic vote.

North-east politicians were left shocked when first minister-in-waiting Nicola Sturgeon hinted last week that a second ballot could be held if there was public demand.

Allianz Global Investors decided not to commit itself to the Aberdeen Western Peripheral Route (AWPR) because of uncertainty over what currency an independent Scotland would use but is now prepared to get involved in the scheme.

The Connect Roads consortium is the preferred bidder for the bypass contract, which is expected to be signed shortly.

The Scottish Government has insisted that the referendum did not cause any delays to the project and the 28-mile road would be completed by spring 2018 as planned.

Allianz Global Investors, which has 23 offices in 18 countries, invested £175million in the M8 motorway extension project in the central belt and has spent 2.2billion euros on European infrastructure over the last 18 months.

A company spokesman said: “The uncertainty surrounding the outcome of the referendum had meant that some infrastructure projects had been held in abeyance.

“We expect these projects are likely to move forward now, giving a boost to the economy.”

Aberdeen City Council’s convener of enterprise, strategic planning and infrastructure Barney Crockett claimed it would have been an “uphill task” to persuade international financiers to invest in the AWPR if there had been a Yes vote on September 18.

“The message has to get through that we need stability, we need to forget these divisions, accept the referendum result and get on with it,” the Labour councillor said.

“We need to make sure the AWPR goes ahead and that requires the stability of Scotland being in the UK.”

North East Conservative MSP Nanette Milne said she was annoyed that the Scottish Government did not tell MSPs the investment company had concerns about the bypass.

“The referendum without doubt created a significant degree of uncertainty in people’s minds and affected business decision-making,” she added.

“Now that the people of Scotland have spoken, I hope we will see decisions taken to help create jobs and grow the economy.”

A Transport Scotland spokesman said: “There has been no delay to the AWPR project, which remains on schedule, with a completion date of spring 2018.

“This essential project will bring substantial benefits across the whole of the north-east of Scotland, including £6billion of investment and around 14,000 jobs, as well as cutting congestion and reducing journey times.”