Thursday 29 May 2008 @ 11:18
Scottish Government
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Financial services annual report
Scotland's financial services sector is well placed to continue to grow and make a major contribution to the Scottish economy, John Swinney said recently.
The Financial Services Strategy annual report, published today, shows financial services have recorded continued growth and attracted new business from across the world. The report also shows good progress in:
* Developing skills, for instance mentoring projects with secondary pupils and undergraduates
* Raising the international profile through SDI and UKTI tours and seminars
* The Scottish Centre for Financial Education delivering innovative education resources to every primary school in Scotland
The Financial Services Strategy is supported by the Financial Services Advisory Board (FiSAB), the pioneering collaboration between the financial services industry, unions, the Scottish Government, Scottish Enterprise and Universities Scotland.
Speaking at a business breakfast in Edinburgh during Global Financial Services Week, Finance Secretary John Swinney said:
"Global Financial Services Week comes at a time when Scotland's economy is in good shape in the face of challenging global conditions.
"With the US economy seeing a rise in unemployment and parts of Europe showing slowing activity, the Scottish economy compares favourably to the UK, with retail sales and house prices holding up well. The Scottish economy is expected to grow this year, but predictions show at a more subdued rate than in the past few years.
"That's why Scotland's financial services industry, worth around £7 billion, will make a critical contribution to increasing sustainable economic growth. With a skilled workforce, strong expertise in banking and insurance and world class companies located and growing in Scotland, we will do all we can in collaboration with the industry to ensure financial services in Scotland maintains its excellent reputation.
"Global Financial Services Week will strengthen our standing as a leading centre of the international financial services industry and brings world attention to all that Scotland has to offer."
Global Financial Services Week will showcase the strength and depth of the industry in Scotland to the rest of the UK and international markets and to provide a forum for discussion about the future of financial services.
John Campbell, deputy chair of FiSAB and chairman of Scottish Financial Enterprise said:
"The financial services industry is a vital part of the economy of Scotland. Events throughout Global Financial Services Week, and the range and calibre of the speakers at the conference, underline the diversity of the industry - both in terms of scale and in operation.
"While we have a long history and an impressive record, we are acutely aware of the need to continue to address international markets and to respond to challenges in the environment.
"The FiSAB collaboration also plays a strong role by bringing together key players in the country, to ensure we work together to tackle the issues facing the industry."
Financial services contributes around £7 billion to Scottish Gross Domestic Product (GDP).
Financial services is one of the fastest growing sectors of the Scottish economy. Over the period 1998-2007, GDP in Scotland's financial services industry has grown by 96 per cent, compared to growth of 22 per cent in the economy as a whole, and 84 per cent across UK financial services as a whole.
Scotland accounts for eight per cent of total employment in financial services across GB, with life and pensions accounting for 19 per cent of all employment in that sector across GB.
Scotland's financial services industry performs strongly when set against regional and international comparators. Against 29 other countries, Scotland has attained the third highest value of exports per worker, and across the UK, the industry is second only to London in terms of the share of Gross Value Added (GVA) within the regional economy.
In 2006, the industry's exports to foreign countries were estimated to be over £1.1 billion, an increase of 7.5 per cent on the previous year. The industry now accounts for around 6per cent of total international Scottish exports, and around 19 per cent of total Scottish international services exports.
Current FiSAB membership is:
First Minister
Cabinet Secretary for Finance and Sustainable Growth Minister for Enterprise, Energy and Tourism John Campbell, - SFE Chairman and Senior Managing Director, State Street Ian Ferguson - Director of Underwriting, Norwich Union David Fleming - Unite Martin Gilbert - Chief Executive, Aberdeen Asset Management Colin Matthew - Chief Executive, Strategy and International Operations Division, HBOS plc Jack Perry - Chief Executive, Scottish Enterprise Sir Muir Russell - Principal, University of Glasgow Lisa Stephenson - Lloyds TSB Scotland Ben Thomson - Chairman, Noble Group Limited Otto Thoresen - Chief Executive, AEGON UK Margaret Wallace - Managing Director, Morgan Stanley Willie Watt - Chief Executive, Martin Currie Investment Ltd David Wilson - Director, Enterprise, Energy and Tourism, Scottish Government HM Treasury observer
Related Information
The Financial Services Strategy annual report, published today, shows financial services have recorded continued growth and attracted new business from across the world. The report also shows good progress in:
* Developing skills, for instance mentoring projects with secondary pupils and undergraduates
* Raising the international profile through SDI and UKTI tours and seminars
* The Scottish Centre for Financial Education delivering innovative education resources to every primary school in Scotland
The Financial Services Strategy is supported by the Financial Services Advisory Board (FiSAB), the pioneering collaboration between the financial services industry, unions, the Scottish Government, Scottish Enterprise and Universities Scotland.
Speaking at a business breakfast in Edinburgh during Global Financial Services Week, Finance Secretary John Swinney said:
"Global Financial Services Week comes at a time when Scotland's economy is in good shape in the face of challenging global conditions.
"With the US economy seeing a rise in unemployment and parts of Europe showing slowing activity, the Scottish economy compares favourably to the UK, with retail sales and house prices holding up well. The Scottish economy is expected to grow this year, but predictions show at a more subdued rate than in the past few years.
"That's why Scotland's financial services industry, worth around £7 billion, will make a critical contribution to increasing sustainable economic growth. With a skilled workforce, strong expertise in banking and insurance and world class companies located and growing in Scotland, we will do all we can in collaboration with the industry to ensure financial services in Scotland maintains its excellent reputation.
"Global Financial Services Week will strengthen our standing as a leading centre of the international financial services industry and brings world attention to all that Scotland has to offer."
Global Financial Services Week will showcase the strength and depth of the industry in Scotland to the rest of the UK and international markets and to provide a forum for discussion about the future of financial services.
John Campbell, deputy chair of FiSAB and chairman of Scottish Financial Enterprise said:
"The financial services industry is a vital part of the economy of Scotland. Events throughout Global Financial Services Week, and the range and calibre of the speakers at the conference, underline the diversity of the industry - both in terms of scale and in operation.
"While we have a long history and an impressive record, we are acutely aware of the need to continue to address international markets and to respond to challenges in the environment.
"The FiSAB collaboration also plays a strong role by bringing together key players in the country, to ensure we work together to tackle the issues facing the industry."
Financial services contributes around £7 billion to Scottish Gross Domestic Product (GDP).
Financial services is one of the fastest growing sectors of the Scottish economy. Over the period 1998-2007, GDP in Scotland's financial services industry has grown by 96 per cent, compared to growth of 22 per cent in the economy as a whole, and 84 per cent across UK financial services as a whole.
Scotland accounts for eight per cent of total employment in financial services across GB, with life and pensions accounting for 19 per cent of all employment in that sector across GB.
Scotland's financial services industry performs strongly when set against regional and international comparators. Against 29 other countries, Scotland has attained the third highest value of exports per worker, and across the UK, the industry is second only to London in terms of the share of Gross Value Added (GVA) within the regional economy.
In 2006, the industry's exports to foreign countries were estimated to be over £1.1 billion, an increase of 7.5 per cent on the previous year. The industry now accounts for around 6per cent of total international Scottish exports, and around 19 per cent of total Scottish international services exports.
Current FiSAB membership is:
First Minister
Cabinet Secretary for Finance and Sustainable Growth Minister for Enterprise, Energy and Tourism John Campbell, - SFE Chairman and Senior Managing Director, State Street Ian Ferguson - Director of Underwriting, Norwich Union David Fleming - Unite Martin Gilbert - Chief Executive, Aberdeen Asset Management Colin Matthew - Chief Executive, Strategy and International Operations Division, HBOS plc Jack Perry - Chief Executive, Scottish Enterprise Sir Muir Russell - Principal, University of Glasgow Lisa Stephenson - Lloyds TSB Scotland Ben Thomson - Chairman, Noble Group Limited Otto Thoresen - Chief Executive, AEGON UK Margaret Wallace - Managing Director, Morgan Stanley Willie Watt - Chief Executive, Martin Currie Investment Ltd David Wilson - Director, Enterprise, Energy and Tourism, Scottish Government HM Treasury observer
Related Information
