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Scotland outpaces London

Financial services jobs growth shared across UK

Exchange

Scotland is sharing the expansion in financial services jobs across the UK (pic: Terry Murden)


 

Growth in financial services jobs is being shared across the UK, with Scotland and other areas outpacing London, according to a report.

Industry-led body TheCityUK said the number of jobs in the sector north of the border grew by 6.6%, to 161,000 while London saw a rise of 5% in the same period.

They grew even faster in some of areas such as the east of England where jobs growth soared by 7.1% from 155,000 to 166,000.

Financial and related professional services now account for 8.9% of the Scottish economy. Scotland’s strengths are in banking, life assurance and pensions, and has a “renowned centre of excellence” in investment management and data science, as well as an emerging FinTech community.

Glasgow remained the biggest insurance centre after London.

Outside London, Manchester is the UK’s biggest legal services and management consultancy centre, and Watford has the biggest accounting cluster.

TheCityUK chief executive Miles Celic noted the strength of the sector across the UK. “One in every 14 British jobs are in financial and related professional services,” he said.

First Minister Nicola Sturgeon said: “This report reinforces Scotland’s position as the UK’s leading financial services hub outside London.

“Scotland offers a combination of a well-established financial services sector and ongoing innovation, with many global companies already based here.”



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