The financial services industry in Scotland
An industry built on a long history of innovation
The financial services industry has been one of the most dynamic growth areas of the Scottish economy over the last decade. It makes a significant contribution of around £7 billion to Scotland’s economy and is a major employer. Scotland is internationally recognised as the UK’s most important financial centre outside London.
Key facts
- Employment in financial services employment is significant in Scotland. In 2006, direct employment stood at 86,000, with a further 70,000 employed indirectly.
- Scotland accounts for 8 per cent of total employment in financial services across the UK. Particularly Life and Pensions, with 19 per cent of all employment in that sector across the UK.
- Financial services is one of the fastest growing sectors of the Scottish economy. Since 1998 the industry has grown by 96 per cent in Scotland, compared to 22 per cent in the economy as a whole, and 84 per cent across the UK sector.
- In 2006 the industry’s exports were estimated to be over £1.1 billion, an increase of 7.5 per cent in nominal terms on the previous year.
- The industry now accounts for around 6 per cent of total international Scottish exports, and around 19 per cent of total Scottish international services exports.
Find out more about Scotland's banking industry
Find out more about the general insurance, life assurance and pensions industry
Find out more about the investment management and asset servicing sector
Scottish Financial Enterprise
Scottish Financial Enterprise (SFE) is an independent organisation that supports and represents the interests of Scotland’s financial services industry.
Visit the Scottish Financial Enterprise website for more information