Scots finance chiefs to defend nation's image in face of downturn

Published on Monday 18 May 2009 21:33

A CAMPAIGN to restore Scotland's battered reputation for providing world-class financial services will be launched in London tonight.

In an initiative aimed at the City of London, leaders of the industry north of the Border will seek to emphasise that there is more to the sector than tarnished banks.

In a speech in London tonight John Campbell, the chairman of Scottish Enterprise (SFE), will outline plans to "refute" the "negative claims" made about financial services in Scotland.

Speaking at a reception in Dover House, the Whitehall base of the UK government's Scotland Office, Campbell will say that one of SFE's "major themes" this year will be to focus on the "reputation" of Scotland.

In an admission that the collapse of the Royal Bank of Scotland and HBOS has hurt confidence, Campbell is planning to say that SFE "not infrequently asked" whether Scotland's reputation as a global financial centre has been damaged.

He will claim that other countries do not see the effect of the credit crunch as a Scottish problem but accept that the question "continues to be asked, even if just domestically".

Campbell is planning to add: "SFE therefore intends to put a lot of energy in the year ahead into refuting negative claims, and explaining the industry in Scotland, and its diversity".

He will point to a recent UK government report on the competitiveness in financial services, which noted that the majority of financial services jobs were based outside the City of London.