Scottish business tycoon Sir Tom Hunter hails election result as good for business

Sir Tom Hunter, Scotland's first billionaire, has said that the general election result was good for business and questioned Labour's credibility on the economy.

Hunter, who made his fortune in sports retail, also called on the SNP and the Conservatives to work together.

He said: "From a business perspective, and speaking as someone who does a lot of business in London and globally, the election result was the right one. It gives the Conservatives the time to push ahead with a plan that seems to be working and is giving the country some stability."

While Sir Hunter does not belong to or endorse any political party, he added that "something bigger" is taking place in Scotland, describing the SNP's victory as "seismic".

"The SNP have governed very well and the depth and calibre of their team is something that Labour didn't have, which is why they lost out. I haven't found the SNP to be anti-business at all, in fact they have been very pro-business in all my dealings with them," he said.

But the billionaire philanthropist did express concern about the SNP's attitude towards the Conservatives, adding: "The only worrying thing is that they are so anti-Tory. Scotland is still part of the UK, so we will have to work together and it's important that Nicola Sturgeon remembers this."

He also criticised Labour's anti-business stance as "scary" and said that the party lacked a credible leadership. Only today, Lord Alan Sugar announced he is quitting Labour because of Ed Miliband's shift to the left.

Hunter also endorsed recommendations set forth in the Smith Commission, which gives the devolved government in Holyrood enhanced powers over taxes and benefits.

"I don't think the SNP should be firing straight for independence. I think the Smith Commission is a good settlement. Let's devolve more powers and see where we get to. Then, ultimately, we have to let the people decide," he said.