Fife has been highlighted as a major hub for financial and related professional services in a UK-wide report which shows the sector in Scotland is growing faster than London’s global cluster.
Industry body TheCityUK’s latest publication shows up to 161,000 jobs were supported by the sector north of the border last year.
The figure was 6.6% higher than the prior year, meaning the Scottish sector expanded at a faster rate than London where job numbers rose by 5%.
In total, 2.3 million UK jobs are supported by financial services, with the British capital remaining the largest single centre.
In terms of economic contribution, Scottish financial services were worth around £12 billion to the economy last year – the equivalent of 8.9% of GDP – while the UK industry as a whole was worth around £174bn.
The report highlighted four Scottish clusters in Edinburgh, Glasgow, Aberdeen and Fife.
Edinburgh is the largest Scottish hub, contributing £4.7bn to the economy and supporting 52,00 jobs in financial or related services.
Fife was the smallest of the four clusters, but the sector still accounted for 7,160 jobs in the Kingdom.
It was worth £460 million last year, around 5.8% of the region’s total annual economic output.
Banking was the largest single discipline in Fife, accounting for 3,000 of the jobs total.
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