London has maintained its number two position in the Z/Yen Global Financial Centre index, behind only New York globally, and continues to be the most prominent financial centre in Europe.
Edinburgh has shot up the table in a prominent index of global financial centres to enter the top 20 centres for finance in the world. The move places the city at number 17 in the table, sixth in Europe.
Only two centres in Europe featured in the top 10, London and Geneva. A further five were in the top 20, although only three are within the European Union which has struggled to attract business away from the UK following its departure from the EU.
Miles Celic, Chief Executive Officer, TheCityUK, said,
The results emphasise how the UK’s international strength in financial and related professional services is built on strong successful regional and national centres complimenting London as a globally leading international centre.
“Edinburgh’s ranking will be no surprise to anyone who has done business in Scotland. The city hosts one of the most dynamic and vibrant financial and related professional services industries in the world, based on deep pools of talent and experience. It is an example of the many regional and national centres of expertise which feed into wider UK strength in this space, helping us to export almost as much as the next two competing countries combined.
“While the index was produced before the outbreak of Coronavirus (Covid-19) we cannot ignore the impact this will have both in the short and longer term. While all centres will be taking their own actions to support their local economies, we also need a coordinated global economic response to the crisis. This is an opportunity for the UK and London to take the lead and show the prominent role this industry can play in rebuilding economies and communities when the crisis has passed.”
Key facts about Edinburgh financial and related professional services:
- 49,685 people in Edinburgh are employed in financial and related professional services, 15% of the jobs in the City (Banking 16,000, Insurance 8,250, Fund management 5,000, Other financial services 4,935, Accountancy 4,500, Management consultancy 5,000, Legal services 6,000).
- Edinburgh financial services output £5.73bn, 25.2% of the total economic output of the City.