Scots financial services exports rise 8% to £9.2bn

Sandy Begbie

Scottish Financial Enterprise (SFE) said Scotland exported £9.2 billion of financial and related professional services in 2019, up 7.7% from 2018, citing a new report from TheCityUK.

SFE said financial services exports from Scotland accounted for 8.2% of Great Britain’s total financial services exports in 2018.

“Thirty-seven percent of Scottish financial services exports went to the EU in 2018, and the remaining 63% went to the rest of the world …” said SFE.

“To put this in an international context, in 2019 Scotland’s financial services exports were equivalent to around 50% of those of the whole of France …”

Sandy Begbie, Scottish Financial Enterprise Chief Executive, said: “It is positive to see Scotland’s financial and professional services exports increasing for the fifth consecutive year to £9.2bn, illustrating our significant contribution to the UK’s position as the world’s leading exporter of these services.

“This report also reinforces Scotland’s standing as a leading European financial centre in our own right with our industry’s exports equivalent to around 50% of those from the whole of France.

“Drilling down further to a Scotland level, the figures show financial and professional services account for 40% of all Scottish services exports with much of our industry’s exports attributed to our first-class asset management sector. 

“While the lasting economic and societal impact of Covid-19 isn’t yet fully understood, we know from these new figures and others that our industry was in a strong position going into the pandemic to support customers, colleagues and communities through these difficult times and beyond.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.