Finance sector boosts Scottish economic growth

The business and financial services sector in Scotland has grown faster than the rest of the UK over the past five years, creating over 65,000 new jobs, including tax jobs, according to research by the Bank of Scotland.

The research reveals that the sector has grown by an average of 4.8 per cent a year in Scotland, compared to an average of 4.1 per cent a year across the UK.

Employment in business and financial services has grown by 17 per cent over the five-year period, outpacing the 11 per cent increase in the sector across the UK.

Business and financial services demonstrated the strongest growth over any other industry, accounting for two-thirds of net increase in Scottish employment over the past five years.

General employment growth figures across the UK, however, are higher than those exclusively in Scotland. Over a period of ten years, employment figures are up by 12.7 per cent in the UK, while Scotland's employment growth has been 11.3 per cent.

Tim Crawford group economist at Bank of Scotland said: "Scotland's economic performance has improved in the past five years and this has led to stronger employment and wages growth in Scotland than the UK average.

"The business and financial sector has been an important driver of Scottish economic growth and has seen the fastest employment growth in Scotland over the past five years."