Four fifths of Scots now see ‘City jobs’ as vital to nation’s economy

Almost four out of five people (78 per cent) across the nation now see financial and related professional services (FRPS) (including banking, legal services, insurance, accountancy, fund management and management consultancy) as important to their local economy.

The industry body for financial and related professional services, TheCityUK, is today holding its first ever National Conference, sponsored by CYBG, in Manchester. It will use the day to urge national and local government to continue to support regional and national hubs to grow and further develop clear regional specialisations to enable them to continue to compete and flourish into the future.

Of the 2.2 million people working in the industry, the majority – around two thirds – work outside London. Around 150,000 industry jobs are based in Scotland, with a total of 49,805 jobs based in Edinburgh, the nation’s largest financial hub.

Scotland is one of Europe’s leading financial centres and the second largest international financial hub in the UK. Scotland has particular strengths in banking, life assurance and pensions. It is also a renowned centre of excellence in investment management. In total, the industry represents over one in 20 (5.9 per cent) Scottish jobs, contributing substantial 9.3 per cent or (£11.8 billion) of the nation’s total economic output in 2015.

Miles Celic, chief executive officer, TheCityUK, said: “There is often a misconception that the majority of financial and related professional services jobs are located in London. That is far from the truth, with most of these so-called ‘City jobs’ spread right across the country. These jobs tend to be the high-value, high-productivity roles needed to drive regional prosperity now and into the future.

“Fostering strong domestic and specialist financial centres like those in Scotland goes on to boost the attractiveness of the UK as a global financial centre. Maintaining this ecosystem is critical to ensuring the UK remains a world-leading place to do business.”

TheCityUK’s National Conference, sponsored by CYBG, will also discuss the future of the industry beyond Brexit, the challenges and opportunities it faces, and the importance of the financial centres across the county to its continued success.