12 December 2007
Scottish financial skills help UK weather current crisis, says
visiting City of London Lord Mayor
The Scottish financial services industry is helping the UK keep
its No 1 world position as a financial centre during the current
stormy conditions – and preserving in excess of 200,000 jobs north
of the border, says City of London Lord Mayor David Lewis.
This week the Lord Mayor spends a day each with civic leaders
and top firms in Glasgow and Edinburgh and is set to meet with
representatives of, among others, Scottish Financial Enterprise,
the International Financial Services District Glasgow, Scottish
Development International, the Scottish Parliament, Glasgow City
Council, HBOS, RBS, Clydesdale Bank, Baillie Gifford, and the Noble
Group.
The Lord Mayor travels the world promoting the whole of the UK’s
financial services industry, David Lewis will spend nearly 90 days
of the year taking business delegations to two dozen countries to
promote UK-based financial business abroad. This is his first
official visit to Scotland since he was elected Lord Mayor in
November, and his visit is being organised to enable him to be
fully briefed on the industry north of the border.
The Lord Mayor said: "The current conditions make it vital for
reputations and for jobs that we follow best-practice. Recent
results from Scotland-based institutions show that by and large the
firms here run a tight ship – which is good not only for Scotland
but for the UK as a whole.”
"With Scotland as a financial services centre being second only
to London in the UK; it has unique and complementary strengths such
as insured pensions where it manages a staggering 55% of the UK's
total. The global opportunities for the financial services industry
in the UK are huge and London and Scotland need to work
together.”
“Edinburgh and Glasgow are as much a part of the Square Mile as
Canary Wharf, the Bank of England and the finance managers in
London’s West End. We all share the regulator, our businesses are
closely connected and we often face the same issues – including the
current stormy conditions.”
Gordon Arthur, interim chief executive of Scottish Financial
Enterprise (SFE), added:
“We are pleased to be meeting with the City of London’s Lord
Mayor and discussing the areas of common ground that will help
create stronger ties between the financial services industries in
Scotland and London. Jointly Edinburgh and Glasgow offer a strong
proposition as a financial services super-hub, and through
continuing to deepen links with London this can only help keep the
UK as the world leader in financial services.”
The Lord Mayor’s role to promote the UK financial services
industry abroad is an important one. SFE is delighted to support
his visit to Scotland and enable him to meet with our member
companies and understand the strength and depth of the industry in
Scotland and its importance to the Scottish and UK economy.”
Ends
Notes for editors
Scotland’s financial services industry
- Scotland is one of Europe’s leading financial centres and the
second largest financial services hub in the UK next to
London.
- Many global financial services companies are headquartered and
located in Scotland, serving clients around the world.
- Financial services continues to be one of the fastest growing
industry sectors in Scotland.
- From Q1 2000 to Q1 2007 the financial services industry in
Scotland grew by 60%, while the overall Scottish economy grew by
14% and the whole of the UK financial services industry grew by 47%
in the same period.
- Financial services accounts for 10 per cent of Scottish jobs,
employing over 108,000 people directly and over 100,000 more in
support services.
- Scotland is a major centre of fund management, with Scottish
Financial Enterprise’s member companies managing in excess of £580
billion directly from Scotland.
The City of London:
The City of London provides local government services for the
Square Mile, the financial and commercial heart of Britain and is
committed to sustaining and enhancing the status of the business
City as the world's leading international financial and business
centre through its policies and services. Its responsibilities also
extend far beyond the City boundaries and include management of the
Barbican Centre, Central Criminal Court at the Old Bailey, Epping
Forest, Hampstead Heath, three wholesale food markets, as well as
acting as the London Port Health Authority.
Contact: Greg Williams: direct 020 7332 1455; mobile 07889 167
205
Scottish Financial Enterprise:
Scottish Financial Enterprise (SFE) is the independent
organisation, formed in 1986, that supports and represents the
interests of Scotland’s financial services industry. SFE’s
members encompass all sectors of the industry operating from
Scotland including banks and building societies, general insurance,
life assurance and pensions, fund management, asset servicing,
corporate finance and broking services, professional advisors and
support services. In total, SFE members account for over 70
per cent of the 108,000 people directly employed within Scotland’s
financial services industry.
The key focus of SFE’s work is: lobbying for improvements to the
business environment that Scotland provides for the financial
services industry; influencing government, regulators and other
policy-makers, mainly in Scotland, Westminster and Brussels, by
facilitating engagement between them and its members; and promoting
greater awareness, understanding and support of Scotland’s
financial services industry and the issues concerning it.
For more information about SFE and Scotland’s financial services
industry, please visit
www.sfe.org.uk.
Contact: Tom Whittles: 0131 247 7700; mobile: 07866 432 839
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