Scotland exported £12 billion of financial and related professional services in 2023, up 16.3% from 2022, according to latest TheCityUK estimates.

“According to ONS data, financial services exports from Scotland accounted for 7.7% of Great Britain’s total financial services exports in 2023,” said TheCityUK.

“TheCityUK estimates related professional services exports from the nation accounted for 4.2% of Great Britain’s total related professional services exports.

“Twenty-nine percent of Scottish financial services exports went to the EU in 2023, and the remaining 71% went to the rest of the world.”

Sandy Begbie, CEO of trade body Scottish Financial Enterprise, said: “Scotland has a long-established financial and related professional services industry with a strong international outlook.

“Growing our industry, including our exports, is a key part of our sector growth strategy. What these figures show is not just the scale, skills and significant value the industry brings to the nation, but also the high regard with which firms here are held by international clients.

“That creates a strong platform for its ability to continue driving national growth, particularly as demand for high-quality financial and related professional expertise.”