The John Lewis Partnership has warned that prices in its Scottish John Lewis and Waitrose shops may rise above prices in the rest of the UK if Scotland votes yes to independence.

Chairman Sir Charlie Mayfield told the BBC that a price rise was “most probable” as the partnership announced a 12% rise in profits.

He added: "It does cost more money to trade in parts of Scotland, and therefore those higher costs in the event of a Yes vote are more likely to passed on.

"When we are talking about two separate countries it is most probable that retailers will start pricing differently."

In response to the comments, the Scottish finance secretary John Swinney said: "Charlie Mayfield is entitled to his opinion.

"I think the argument is one that is firmly contested by other retailers who do not take the view that has been expressed this morning by Charlie Mayfield."