TWO Scottish cities have both risen in the world rankings of financial centres, according to new figures released.
Scotland’s financial services industry continues to compete on the global stage as Glasgow jumped up nine places to 42nd, whilst Edinburgh moved up one place to 33rd in the Global Financial Centres Index.
The index, which measures the competitiveness of financial centres around the world is based on several indices in combination with a regular questionnaire of senior industry figures from across the world.
Financial and related professional services are the largest contributor to the Scottish economy, adding around £14.3 billion gross value added (GVA) annually.
The industry directly employs around 136,000 people, with many thousands more in the supply chain, and with salaries a third higher than the average wage in Scotland.
READ MORE: Jeremy Corbyn predicts support for Scottish independence will grow
SNP figures have said the new rankings show that Scotland’s financial services industry continues to thrive, with two cities ranked in the top 50 worldwide.
A recent new growth sector strategy launched with Scottish Financial Industry aims to double assets under management in Scotland’s financial services sector to £1 trillion by 2030.
Minister for Business, Trade, Tourism and Enterprise Ivan McKee said the figures confirm Scotland as "a global leader in financial services".
He added: "The impressive rankings are testament to the work and engagement of businesses and organisations across Glasgow and Edinburgh, and the wider financial services industry.
“The recently launched Financial Services Growth Strategy highlighted key milestones and goals for measuring our growth within Scotland and this index forms part of these measures. Therefore, it is great news to see that both Glasgow and Edinburgh are firmly competing on the global stage and helping support our own wellbeing economy and focus on economic growth.”
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel