The number of jobs in the financial sector has risen from 134,000 in 2007 to 165,000 in 2013 – now accounting for 7.6% of Scotland’s workforce.
The growth of the industry there is one of the strongest in the UK. It has increased by 23% in the past seven years, compared to an average of 20% across the rest of the UK.
But a poll of 354 UK finance professionals found that only 11% agree with the economic arguments for Scottish independence, with a further 22% neither agreeing or disagreeing.
Marks Sattin managing director Dave Way sees a consensus among finance professionals that “the numbers don’t stack up” in favour of Scottish independence.
“Scotland’s financial services sector has clearly thrived in recent years, increasing by a quarter since 2007,” he said. “While the tangible impact of an independent Scotland remains to be seen, there are clearly question marks shrouding the potential impact on financial services and the prospects for continued growth.”
Way did however suggest that an independent Scotland may lead to a short-term hiring drive in the financial sector to deal with immediate economic changes.
“On the other hand a ‘yes’ vote will inevitably usher in radical changes in terms of currency, interest and exchange rates and wider business finance,” he added. “The challenge of setting out Scotland’s stall as an independent nation would call for significant fiscal and monetary expertise, not to mention fundamental leadership and change management skills.”
