Scots financial services exports rise to £9.2bn

Financial and related professional services exports from Scotland increased 3.1% year on year in 2021 to £9.2 billion, according to a new report from TheCityUK called “Exporting from across Britain 2023.”

This report follows TheCityUK’s “Enabling growth across the UK 2023” report which found that the economic output of Scotland’s financial and related professional services industry grew 27% over the decade to 2021.

It also revealed that in 2021, the industry employed 136,000 people in the Scotland, representing 5.2% of total employment, and contributed almost £14.3 billion to the economy.

Scottish Financial Enterprise CEO Sandy Begbie said: “Scotland’s world-class financial and related professional services industry is a linchpin of our economy, providing hundreds of thousands of high value jobs and helping to fund vital public services.

“The latest exports figures from TheCityUK highlight the continued strength and resilience of our industry, which successfully weathered the pandemic and made a strong recovery in 2021 with a 3.1% increase in exports.

“The upward trajectory of exports from 2011-2021 underscores our position of strength and our vital importance to the future of the Scottish economy.

“Looking ahead, we have all the ingredients for sustainable long-term growth. We have core strengths across every industry sub-sector and are well placed to respond to the key trends shaping the industry like green and sustainable finance and fintech, and emerging technologies such as artificial intelligence.

“Our new sector growth strategy will help us galvanise momentum and take advantage of new opportunities, supporting even greater export growth in the years ahead.”

Anjalika Bardalai, Chief Economist and Head of Research, TheCityUK, said, “Financial and related professional services make a significant contribution to the UK economy through their exports.

“This is especially true in Scotland, which has one of the biggest and most established financial hubs in the

“In 2021, industry exports rebounded in Scotland and, in fact, across most British regions and nations, following declines during the Covid-19 pandemic in 2020.

“With nearly half of all financial and related professional services exports coming from outside London, the notion of London being the only place in the UK catering to international markets is a fallacy.

“The data also underline the contribution Scotland plays in making the UK one of the world’s leading international financial centres.”