With the economy returning to health, business is switching its attention to political risks like the Scottish and EU referendums, a senior business lobbyist will say in a speech tonight.

CBI president Sir Mike Rake will deliver the message at the business lobby group’s annual dinner this evening.

In particular, he will draw upon three foreseeable risks to business in the form of the referendums for Scottish independence, EU membership and the UK general election, now only 12 months away.

“Over the next 18 months, we face various challenges. Starting with European elections, then the Scottish referendum, the general election and then a possible EU referendum in 2017,” Sir Mike is expected to say.

He will add: “As our economic situation has stabilised and now looks more promising, the focus of business concern has shifted towards these issues.

“And the uncertainty they engender is climbing up businesses’ risk registers, becoming a factor in investment decisions.”

Sir Mike will say that the foremost issue for businesses currently is the Scottish referendum.

He will point out that while the decision on independence is for the Scottish people to take, the CBI will continue to raise economic questions on the issue.