Scotland’s £17.7 billion financial powerhouse supports 151,000 jobs - TheCityUK

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 £17.7 billion to the national economy - 10.5 per cent of Scotland’s 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’s 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.

Sandy Begbie, chief executive of Scottish Financial Enterprise, was responding to the latest report from TheCityUK.

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: “Scotland has long been a key part of the UK’s 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’s rich heritage, exceptional human capital and strong capability in data and AI, we are well placed to do so.

“It 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.”

TheCityUK’s report also sets out a policy framework to further drive the industry’s growth across the country, including recommendations to align Scotland’s growth plans with UK-wide trade and industrial strategies, and improve infrastructure and planning certainty, including better digital connectivity and transport links.

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