Scots financial services exports up 7.4% to £7.2bn

Edinburgh's financial district

Scotland exported £7.2 billion of financial and related professional services in 2017, up 7.4% from 2016, according to the most recent estimates of trade body TheCityUK.

A new report from TheCityUK says almost half of Britain’s £96.9 billion financial and related professional services exports came from outside London in 2017.

Between 2012 and 2016, Scottish and Welsh financial industry exports underwent the largest expansion, showing average annual growth of 7%.

This compares to 2% annual average financial industry export growth in London across the period.

Anjalika Bardalai, Chief Economist and Head of Research, TheCityUK, said: “There is a common misconception that financial and related professional services are only of value to ‘the City’ of London.

“This report helps to debunk this myth, showing clearly that the industry, including international finance, is a UK-wide success story.

“London and the regions and nations all play a role in making the UK a world-leading international financial centre.

“The industry’s multi-billion pound exports from areas such as Eastern Scotland, West Yorkshire, Greater Manchester and the West Midlands contributed to a financial and related professional services trade surplus of around £75bn in 2017.

“In most of the UK’s regions and nations, this industry is the largest services exporter, and a significant local source of jobs and economic output.”