Financial and related professional services output (GVA) in Scotland grew by 2% (up £256m) between 2016 and 2017. This compares to slower growth in London and the South East, at 1.6% (up by £1,347m) and 0.8% (up by £160m) respectively in the same period.
As one of Europe’s leading financial centres and the second largest international financial hub in the UK, Scotland’s distinguished history in banking has enabled its growth across all financial services sectors to flourish. Its eminent financial centres, Edinburgh and Glasgow, employ 49,685 and 39,270 people respectively in the industry. This represents nearly 60% of all financial and related professional services employment in Scotland.
With its robust infrastructure, Scotland is rapidly becoming a global leader in FinTech and is well positioned to capitalise on its data-driven innovation with the support of FinTech Scotland, which was established in January 2018.
Almost 2.3 million people work in financial and related professional services across the UK, with around two thirds of those employed in the industry working outside London.
In its report ‘Enabling growth across the UK 2019’, TheCityUK outlines fifteen policy recommendations to future-proof the UK’s competitiveness in the global financial market. The economic contribution of financial and professional services has grown in every UK region and nation over the past decade. However, to maintain and enhance the UK’s globally leading position, there must be the right support in place.
Miles Celic, Chief Executive Officer, TheCityUK, said, “This industry is vital for job creation and driving economic output to all parts of the UK, as well as contributing billions in tax revenue. London is central to the UK’s strong position, but it is clear that the many thriving regional and national centres are an essential part of its success – Scotland playing a critical role. But, this should not be taken for granted. Ensuring the industry’s future as a national asset will require a concerted effort. This includes more regionally focused policies and initiatives, greater focus on developing specialist centres and sectors, a more competitive business environment and enhanced engagement between government and industry.”