Sir Tom Hunter: It's time to move on from the referendum

He spoke out after publishing a specially-commissioned report which questioned some aspects of the Scotland Bill, bringing new powers to Holyrood, but which also concluded that independence would have posed "a significant threat" to Scotland's finances.

The debate over Holyrood's new powers also dominated at Holyrood and Westminster yesterday, exactly a year after the main pro-UK parties signed their "vow" to devolve extensive control of tax and welfare to Scotland.

SNP Westminster leader Angus Robertson told Prime Minister David Cameron the promise had not been met in full.

Labour - whose former leader Ed Miliband was a signatory to the vow - accepted the legislation before the Commons was inadequate and called for further powers over welfare to be devolved, as well as a full share of VAT revenues.

David Mundell, the Secretary of State for Scotland, will reflect on the referendum in a speech at Edinburgh University today, when he will insist that independence is "not inevitable" despite the continuing rise of the SNP.

Echoing Sir Tom's comments, he will say: "We’ve had our say, and we want to get on with our lives."

Retail investor Sir Tom published a report prepared for the Hunter Foundation by one of Scotland's leading economists, David Bell, of Stirling University.

Entitled A Year On... it considered Scotland's prospects with the new powers about to be transferred by the Scotland Bill and also as an independent country.

The study concludes there is "every likelihood" the Scottish Government will have less money to spend when almost complete control over income tax and responsibility for a range of benefits are devolved in two to three years' time.

It says the added "administrative burden" will push up costs and, at the same time, predicts a "cautious" approach to raising taxation.

Turning to independence, the report says: "In the long run it is impossible to predict how well or badly the Scottish economy would perform compared with remaining in the Union".

However it warns: "In the short to medium term, the collapse in the oil price would have posed a significant threat to the finances of an independent country".

It said the government of an independent Scotland would have had to borrow more, cut services or raise taxes.

Sir Tom said the cross-party Smith Agreement, which preceded the Scotland Bill, was being delivered "in part" and would cut the country's spending power "more likely than not".

He also echoed Alistair Darling's call for greater transparency over the inter-government talks on the "fiscal framework," the deal to reset Scotland's budget in the light of the new tax powers, warning the eventual deal could become a political football and "fuel consistent sniping that Scotland is not getting enough of its share".

He added: "For me personally its time to move on, move forward and use the powers we have.

"The population decided, politicians are democratically elected and should and must respect the decision of the voters.

"We are all ambitious for Scotland and its time for us to come together, put our differences aside and focus upon building a more prosperous, productive and fairer Scotland where opportunity prevails for all.

Ian Murray, Labour's shadow Secretary of State for Scotland, backed Sir Tom's comments and called for a greater focus on the NHS and education.

"Sir Tom Hunter again has said that Scotland needs to move on from the arguments of the past and face the future. "He is absolutely right to do so," he said.

In his speech today, Scottish Secretary Mr Mundell will say: "We’ve seen some big changes in Scotland as a consequence of the referendum.

"But those changes are aftershocks of the referendum, and not – as some have argued – a symptom that independence is inevitable. Far from it.

"Independence is not inevitable."