The chief executive of Scottish Financial Enterprise (SFE) — the representative body for Scotland’s huge financial services industry — has said the relationship between the Scottish Government and business “requires a reset” and has urged the new First Minister “to commit to a refreshed relationship with business.”

The financial services sector is the biggest sectoral contributor to Scotland’s economy, representing £13.6 billion or 9.2% of Gross Value Added (GVA).

Scotland’s financial and related professional services sector employs 160,000 people – around 9% of national employment — and Scotland has around £690 billion of assets under management.

SFE chief executive Sandy Begbie said: “On behalf of Scottish Financial Enterprise and its members, I would like to congratulate Humza Yousaf on becoming the next leader of the Scottish National Party.

“We urge the new First Minister to commit to a refreshed relationship with business, putting cooperation and consultation at its heart.

“The relationship between the Scottish Government and business requires a reset, placing sustainable economic growth front and centre of the engagement.

“It is vital we work collaboratively to grow our economy, address low productivity and increase the size of our tax base so we can fund and support the public services we all want to see.

“Scotland’s financial services industry has an essential role to play in creating high-skill, high-wage jobs in Scotland, supporting sustainable, inclusive growth and driving the journey to net zero, and we stand ready to be a collaborative and constructive partner to the next Scottish Government so that we can collectively address these urgent issues.

“We look forward to developing our relationship with the next Scottish First Minister, working together to ensure Scotland’s financial services industry can be fully harnessed to the benefit of Scotland’s economy and society.”