Employment growth in Scottish financial services outstripped that of London in the last year, according to research by TheCityUK.
Scotland saw the number employed in the sector in the year grow by 6.6% from 151,000 to 161,000, compared to 5% in London.
TheCityUK’s report Enabling Growth across the UK 2018 shows that while London remains the UK's largest financial centre, Scotland is the second largest of the UK’s 12 nations and regions. Scotland’s economic contribution was £12,000 million in 2016, with financial and related professional services accounting for 8.9% of the Scottish economy.
Scotland is particulary strong in banking, life assurance and pensions and a renowned centre of excellence in investment management, data science with an emerging fintech industry.
First Minister Nicola Sturgeon MSP said:
“This report reinforces Scotland’s position as the UK’s leading financial services hub outside London.
“Scotland offers a combination of a well-established financial services sector and ongoing innovation, with many global companies already based here.
“The SNP Government is committed to helping equip the industry for the future by leveraging Scotland’s expertise in financial technology so we can play a leading role in the continued growth and transformation of the sector.”
Kenneth Gibson MSP added:
"The ongoing strength of our financial sector shows what a national success story this industry is for Scotland. Building on it needs a supportive business environment and greater emphasis on local expertise and decision making, which we are committed to providing.
“Outside London, Glasgow is the biggest insurance centre in the UK and Edinburgh has the largest centre for banking and is also a major international location for fund management. Financial services remain crucial for the long-term prosperity of Scotland."
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