The latest research from TheCityUK outlines how Scotland’s financial and related professional services industry is a critical driving force of jobs and economic growth across the nation.
According to TheCityUK’s “Enabling Growth Across The UK 2024” report, Scotland remains one of Europe’s leading financial centres, employing 149,000 people – or 5.7% of Scotland’s total workforce, and contributing 10% of the nation’s economy in 2022.
The value the sector generates for the Scottish economy has increased by around half a billion pounds to £14.76 billion, up from 9.6% of national GVA to 10%.
Glasgow and Edinburgh make up a sizeable proportion of Scotland’s overall financial and related professional services industry, employing 34,800 and 57,290 people respectively.
Glasgow has particular strengths in insurance, asset management, and legal services, while Edinburgh is a leader in banking and investment management.
Beyond these cities, Fife and Aberdeen are also recognised as major financial hubs, each employing over 5,000 people.
Scottish Financial Enterprise CEO Sandy Begbie said: “Scotland’s world-class financial and related professional services industry is the engine of growth in the Scottish economy.
“The latest TheCityUK figures underline our vast contribution, with the number of jobs in the sector increasing to 149,000 and the value we generate for the Scottish economy increasing by around half a billion to £14.76bn, up from 9.6% to 10% of national GVA.
“With a clear growth strategy in place, we are confident that our economic contribution will develop even further in the years ahead as we take advantage of new opportunities for growth in areas like green and sustainable finance, fintech, and emerging technologies like artificial intelligence.
“The strength of our ecosystem and our distinctive capability as a regional technology hub have helped us to attract record amounts of inward investment from some of the largest global financial institutions.
“It’s also clear that we are operating in an increasingly competitive marketplace, both domestically and internationally, leaving no room for complacency.
“We will continue working closely with the Scottish and UK Governments, making the case for a strong business environment and policies that put financial services at the heart of Scotland’s economic growth agenda.”
TheCityUK CEO Miles Celic said: “With growth the number one priority for policymakers across the country, financial and related professional services must be central to this strategy.
“This industry is a dynamic force driving in Scotland, delivering high productivity and well-paid jobs. And there is more it can do to support growth and jobs. We urge leaders at all levels to prioritise policies that can unleash that potential.”