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The Financial Services Sector in Scotland

While London is the major centre of the financial services sector in the UK, Scotland is also very significant. Since the start of 2000 financial services in Scotland grew by 55 per cent, the overall Scottish economy grew by 13% and the UK financial services industry as a whole grew by 44% in the same period. The Scottish financial services sector has become the biggest success story in the Scottish economy over the last three decades.  

• Scotland’s international financial services industry now accounts for about 7 per cent of Scottish GDP, making a contribution of around £7 billion to the Scottish economy (Scottish Executive GDP Index).
• More than 108,000 people are employed in financial services in Scotland with almost 90,000 people working in related industries. Including other effects, this accounts for more than 220,000 jobs in total. This makes the industry more significant to the economy of Edinburgh than it is in London, representing around 9% of employment, compared with 7.5% in London.
• By 2010 Scotland will be responsible for nearly one-tenth of the workforce of UK financial services.
• Most of the sector's activity is centred on Edinburgh and Glasgow, where many of the largest companies are situated. However, sole operators and small businesses are distributed throughout the country.
• In 2005, the sector’s exports to foreign countries were estimated to be over £1.1 billion, an increase of 17 per cent in nominal terms on the previous year.  The sector now accounts for 6 per cent of total Scottish exports, and around 23 per cent of total Scottish services exports.  Initial calculations suggest that Financial Service exports to the rest of the UK stood at £7.5 billion in 2003, nearly 21 per cent of the Scottish total.
• It's one of the top 10 banking centres in EU and home to HQs of 4 banks – including Royal Bank of Scotland the second largest in Europe.
• Scottish Enterprise Network, including Scottish Development International (SDI), activity to promote Scotland as a financial centre, showcase Scotland’s reputation for offering a world-class workforce, attract new investors and encourage expansion has met with record success over 2006 with circa 3,500 jobs created or safeguarded.

Partnership organisations

The Skills Council has established a partners' forum that meets twice a year to share views and to explore jointly issues pertinent to the financial services sector in Scotland. Partners include organisations such as the Scottish Executive, SE, HIE, the LECS, Futureskills Scotland, learndirectScotland, Careers Scotland, Scottish Financial Enterprise, Scottish Investment Operations, SQA, Universities Scotland, Scottish Further and Higher Education Funding Councils and professional bodies such as the Chartered Institute of Bankers in Scotland and the Chartered Insurance Institute. 

Contact

Gill Connelly
Interim National Manager, Scotland & Northern Ireland

Tel: 07841 235 226
email: gill.connelly@fssc.org.uk