12 May 2011
Scottish financial and professional services industry at the
heart of UK economic recovery
The Scottish financial and professional services industry will
play a crucial role in supporting the economic recovery on both
sides of the border, says the City of London Lord Mayor Michael
Bear.
The Lord Mayor, who is the ambassador for the UK financial
service industry, is on a two day visit (12-13 May) to Edinburgh
and Glasgow to strengthen business and economic ties across the
sector. He will hold talks with representatives of Royal Bank of
Scotland, Lloyds TSB, Virgin Money, and Scottish Financial
Enterprise among others.
Lord Mayor Michael Bear said:
"I am delighted to be visiting Scotland, particularly in such
interesting political times after a successful result for the SNP
in last week’s election. Our industry looks forward to continuing
to work with the Scottish Government and contributing to the debate
on key issues over the coming months and years.
"Edinburgh and Glasgow today are not just engines for growth in
Scotland, they are also key players as part of the entire UK
financial and professional services offer. Both cities are very
much part of the City financial cluster.
"There are, of course, some areas where financial services in
Scotland and London currently compete. This is healthy for all
involved. But there are many more areas where we complement each
other and where there is great scope for working together for
mutual benefit."
The financial services industry currently represents 8% of
Scottish GDP, and accounts for up to one in 10 Scottish jobs.
Ends
About the Lord Mayor of the City of
London
The Lord Mayor is elected for one year and the
position is unpaid and apolitical. The Lord Mayor spends some 90
days abroad leading delegations to key fast-growing markets and
addresses some 10,000 people face-to-face each month (making around
800 speeches a year).
The Lord Mayor listens to City businesses and helps the City
Corporation advise the Government of the day on what is needed to
help the UK-based financial services sector to function well. The
Lord Mayor frequently travels to represent the City; and travels
overseas with the status of a Cabinet Minister. On average, the
Lord Mayor will meet one head of state a month and will meet a
prime minister or finance minister each week to discuss financial
services, often in conjunction with senior City business
representatives. The Lord Mayor, who is unpaid, lives in the
Mansion House for the Mayoral year.
Read his biography
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About the City of London Corporation
The
City of London Corporation is a uniquely diverse organisation. It
supports and promotes the City as the world leader in international
finance and business services and provides local services and
policing for those working in, living in and visiting the Square
Mile. It also provides valued services to London and the nation.
These include the Barbican Centre and the Guildhall School of Music
& Drama; the Guildhall Library and Art Gallery and London
Metropolitan Archive; a range of education provision (including
three City Academies); five Thames bridges (including Tower Bridge
and the Millennium Bridge); the Central Criminal Court at Old
Bailey; over 10,000 acres of open spaces (including Hampstead Heath
and Epping Forest), and three wholesale food markets. It is also
London’s Port Health Authority and runs the Animal Reception Centre
at Heathrow. It works in partnership with neighbouring boroughs on
the regeneration of surrounding areas and the City Bridge Trust,
which it oversees, donates more than £15m to charity annually.
Press contacts
Sanjay Odedra, Press
Officer
City of London Corporation
Tel 020 7332 1835 / Mob 07831 542 856
Email sanjay.odedra@cityoflondon.gov.uk