Scottish Financial Enterprise CEO Sandy Begbie has called on the UK and Scottish governments to “reset relations” in order to drive economic growth across both Scotland and the UK.
The call came as Andy Burnham began his UK premiership and as Scottish Financial Enterprise (SFE) published an update to its growth strategy aiming for a 15% increase in the number employed in the sector.
In its update to the five-year sector growth strategy, SFE highlighted the ongoing performance of Scotland’s financial and professional services sector with 21,000 additional high skilled jobs created since 2023.
At the halfway point of the strategy, the number of people employed in the sector has increased by 15%, from around 136,000 in 2023 to 157,000 today.
“The update also shows that the sector’s economic contribution has grown significantly, with gross value added now standing at £17.7 billion, compared with £14.3 billion when the strategy was launched,” said SFE.
“This represents an increase of £3.4 billion and means financial and professional services remains one of the largest contributors to the Scottish economy, as well as being worth £12 billion annually in exports, up 16%.
“The number of financial services foreign direct investment projects in Scotland has also increased from eight to 11, a rise of almost 40 per cent, helping to secure jobs, increase economic value and support exports, which now stand at £12 billion across the sector.
“Underpinning this has been we have seen a notable investment and expansion in both professional and legal services in recent years, supporting the ongoing growth of the financial services sector.”
The update came as SFE marks its 40th anniversary.
Begbie said: “These figures show the strength, resilience and ambition of Scotland’s financial and professional services sector.
“Since the launch of our growth strategy in 2023, the sector has created 21,000 additional high skilled jobs, increased its economic contribution to £17.7 billion and strengthened Scotland’s position as a leading financial centre with global reach.
“That progress has been achieved despite a challenging economic, political and geopolitical backdrop. It is testament to the expertise of people working across our industry and to the collaboration between firms, government, regulators, academia and partner organisations.
“As two new administrations take shape at Holyrood and Westminster, it is vital that both recognise the scale of this opportunity and work with industry – and one another – to support further growth. That means creating the stability, competitiveness and policy certainty businesses need to invest, innovate and create jobs.
“With the right support, we can go even further and faster over the next three years.”
The Scottish Government’s Economy Secretary Stephen Flynn said: “Scotland’s financial and professional services sector has continued to make strong progress since the launch of SFE’s growth strategy in 2023, building on its position as a major contributor to the country’s economy.
“Edinburgh and Glasgow are recognised global financial centres, drawing on Scotland’s exceptional talent and expertise to attract investment and compete with the world’s leading financial hubs.
“The sector plays a vital role in driving growth, jobs and opportunity across Scotland. The Scottish Government will continue to support its success as a key pillar of our economy.”