City jobs vital to Scotland’s economy

Jobs typically associated with London and the City are now widely recognised as making up a vital part of the Scottish economy, according to new research by Thecityuk.

Almost four out of five people (78%) across the nation now see financial and related professional services (FRPS) – including banking, legal services, insurance, accountancy, fund management and management consultancy – as important to their local economy.

The industry body for financial and related professional services, Thecityuk, held its first-ever national conference, sponsored by CYBG, in Manchester.

It used the day to urge national and local government to continue to support regional and national hubs to grow and further develop clear regional specialisations to enable them to continue to compete and flourish in the future.

Of the 2.2 million people working in the industry, the majority – about two thirds – work outside London. Around 150,000 industry jobs are based in Scotland, with a total of 49,805 jobs based in Edinburgh, the nation’s largest financial hub.

Scotland is one of Europe’s leading financial centres and the second-largest international financial hub in the UK. Scotland has particular strengths in banking, life assurance and pensions.

It is also a renowned centre of excellence in investment management. In total, the industry represents over one in 20 (5.9%) Scottish jobs, contributing a substantial 9.3% (or £11.8bn) of the nation’s total economic output in 2015.

Miles Celic, chief executive officer, Thecityuk, said: “There is often a misconception that the majority of financial and related professional services jobs are located in London. That is far from the

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There is often a mis– conception that the majority of financial and related professional services jobs are located in London

truth, with most of these so-called ‘City jobs’ spread right across the country. These jobs tend to be the high-value, high-productivity roles needed to drive regional prosperity now and into the future.

“Fostering strong domestic and specialist financial centres like those in Scotland goes on to boost the attractiveness of the UK as a global financial centre.

“Maintaining this ecosystem is critical to ensuring the UK remains a worldleading place to do business.”

The national conference also looked at the industry’s future beyond Brexit, challenges and opportunities it faces and the importance of the country’s financial centres to its continued success.

Thecityuk report – Financial and related professional services: Enabling growth across the UK – offers a snapshot of the FRPS industry’s economic contribution to the regions and nations of the UK. It is based on analysis of historical data and does not attempt to offer a view on the impact of Brexit on the UK regions and nations.

Picture: Getty Images. So-called City jobs are spread across the UK.