By Scott Reid
Scotland has further strengthened its position as a top European financial and related professional services hub, supporting more than 150,000 people, a new study reveals. Industry body TheCityUK said the sector contributed 拢17.7 billion to the national economy – 10.5 per cent of Scotland鈥檚 gross value added (GVA) – in 2023, based on the latest available data. Some 151,000 people are employed in banking, financial and related professional services in Scotland, according to the organisation鈥檚 latest report. Edinburgh and Glasgow remain the major industry centres, with in excess of 94,000 people employed within the industry across the two cities. Banking, life insurance and investment management all have a strong presence in both cities, with the insurance and banking sectors accounting for 67 per cent of industry real GVA in Edinburgh and more than 50 per cent of industry real GVA in Glasgow. Scotland is also rapidly becoming a leader in fintech – or financial technology – with more than 200 related companies based there – a density of fintech firms around 60 per cent greater than the UK average outside London. Sandy Begbie, chief executive of Scottish Financial Enterprise (SFE), said: 鈥淪cotland has long been a key part of the UK鈥檚 financial and professional services sector and today remains one of the most competitive financial centres in Europe. Our sector growth strategy set out our ambition to grow the sector and our contribution to the economy, and with Scotland鈥檚 rich heritage, exceptional human capital and strong capability in data and AI, we are well placed to do so. 鈥淚t is pleasing to see the ongoing contribution of our sector to the economy, and we will continue to work closely with all levels of government to nurture these national strengths to help Scotland – and the UK – unlock further growth.鈥 TheCityUK鈥檚 report also sets out a policy framework to further drive the industry鈥檚 growth across the country, including recommendations to align Scotland鈥檚 growth plans with UK-wide trade and industrial strategies, and improve infrastructure and planning certainty, including better digital connectivity and transport links. How Scotland鈥檚 crucial financial services sector added 13,000 jobs in 2024