Yousaf promotes Scots finance in £1 trillion assets push

Humza Yousaf

Scotland’s First Minister Humza Yousaf is in London this week to take part in a number of events in partnership with the City of London Corporation, including an agreement on an “enhanced framework to promote Scotland and London as centres of excellence for financial services.”

The framework complements ongoing activity to increase assets under management in Scotland’s financial services sector to £1 trillion by 2030, supporting more jobs as outlined in Scottish Financial Enterprise’s Growth Strategy.

“The latest evolution of the partnership will ensure the benefits of a thriving financial services industry are shared across the UK,” said the Scottish Government.

“It is rooted in the ethos that financial sectors in Scotland and London have much to gain from cooperating and coordinating …

“It will ensure benefits are maximised for Scotland as the Corporation pushes for the UK to be a global centre for nature finance, and targets other shared priority areas including green and sustainable finance, financial inclusion and social mobility.

“It is part of broader work between the Scottish Government, Scottish Development International, global investors and partnerships – including that with the City of London Corporation.

“It allows the Scottish Government and City of London Corporation to work together to support the aims of businesses in their respective financial sectors.”

The financial services sector is the biggest sectoral contributor to Scotland’s economy, representing £13.6 billion or 9.2% of GVA (gross value added), according to Scottish Financial Enterprise.

Scotland’s financial and related professional services sector employs 160,000 people – around 9% national employment.

There are currently around £690 billion of assets under management in Scotland.

Yousaf said: “Scotland has much to gain from strengthening our relationship with the City of London – by providing access to global investors and collaborating on shared initiatives, we can reap the benefits of a thriving financial services industry for our centres of excellence.

“Outside of London, Scotland both has the UK’s largest financial services centre and is the most attractive location in the UK for foreign direct investment.

“By working with the City of London Corporation towards shared goals, we can continue to drive that investment, and grow our economy.

“This latest partnership agreement is enhanced in terms of the scope and focus of our ambition, and will ensure our priorities continue to align with those of businesses in the financial sector.”

City of London Corporation Policy Chairman Chris Hayward said: “The twin financial and professional services sectors of London and Scotland represent a critical part of the UK economy.

“We’ve been delighted to partner with the Scottish Government on a range of issues where we have alignment and shared challenges: in sustainable finance, technology, talent and growth.”