Financial and professional services sector provides a fifth of economic output in Glasgow
This evening we are hosting a seminar in Glasgow with Fergus Ewing MSP, Minister for Energy, Enterprise and Tourism. The event will consider the important contribution that the financial and professional services sector plays in Scotland’s economy, employing over 150,000 people and contributing 12% of Scotland’s GVA.
Our latest figures, to be launched at the event, show that 37,500 people are employed in financial and professional services in Glasgow alone, 9.4% of the city’s workforce. The sector generates over £3.3 billion, 20% of Glasgow’s GVA. We will set out how important the financial and professional sector is to the local economy and the importance of ensuring it remains vibrant and able to grow.
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Chris Cummings, CEO of TheCityUK, comments:
“The sector encompasses a diverse range of organisations from a broad array of business areas, including wealth management, accountancy, insurance, financial trading and legal services. Over the past 10 years, the International Financial Services District project has had great success in attracting some of the world’s leading financial and professional services companies to Glasgow, including Barclays, AXA and Morgan Stanley. This has delivered significant regeneration to the Clydeside area.
“In fact, the Glasgow Central constituency now has the second highest employment in the sector, outside of London, in the UK. These latest figures demonstrate that the vibrant financial and professional services cluster is vital to the Glasgow and also wider Scottish economy.
“We have seen across the UK that clusters of growth can also bring wider economic benefits to the local and national economy. We must ensure that Glasgow and the broader Scottish economy capitalise on the strength of the sector.”
The full list of speakers at the event is:
- Fergus Ewing MSP, Minister for Energy, Enterprise and Tourism
- Jack Perry, Barclays Wealth UK & Ireland Private Bank Advisory Committee member
- Professor Farhad Noorbakhsh, University of Glasgow Business School
- Darrell Sansom, AXA Commercial Insurance
- Chris Cummings, TheCityUK
The event has attracted significant interest from policymakers from both Holyrood and Westminster.
Figure 1: Top five parliamentary constituencies by employment in the Financial & Professional services
| Constituency (excluding London constituencies) | Financial & Professional services employment |
| Manchester Central | 41,500 |
| Glasgow Central | 33,900 |
| Bristol West | 33,600 |
| Birmingham, Ladywood | 32,700 |
| Leeds Central | 26,200 |
Figure 2: Top five parliamentary constituencies by Gross Value Added in the Financial & Professional services
| Constituency (excluding London constituencies) | Financial & Professional services Gross Value Added |
| Glasgow Central | 3,035 |
| Manchester Central | 2,915 |
| Birmingham, Ladywood | 2,713 |
| Bristol West | 2,559 |
| Leeds Central | 2,33 |
