Fears voiced over finance jobs 'seepage'

EDINBURGH Central Labour MSP Sarah Boyack has voiced concerns about the "seepage" of finance jobs from the Capital.

She spoke out after talks with bosses of banking giant Barclays, which announced last week it is to close the Edinburgh offices of the former Standard Life Bank which it took over earlier this year.

The 254 jobs currently based at the premises in Exchange Crescent are to be integrated into existing operations in Glasgow and elsewhere.

Ms Boyack welcomed Barclays' commitment to avoid compulsory redundancies and said it was vital workers were helped to find opportunities.

But she said: "I am, however, concerned that many of the workers affected by these losses may be relocated to Barclays operations around the country. This is indicative of the seepage we are seeing of financial sector jobs away from Edinburgh.

"Barclays follow RBS, the Lloyds Banking Group and Aegon to announcing losses.

"More needs to be done to ensure that there are better options for companies. I will be writing to the City Council and the Scottish Government to ask them to do more to assist businesses."