Scottish finance industry reaches ‘watershed’
Friday, 1 April, 2011 Leave a comment
I was out and about yesterday and only realised this morning that the content has gone missing!
The PwC report said they needed to act quickly but if they made the right moves there was a potential to double the number of jobs in the sector – currently at almost 100,000, as new banks moved into Edinburgh and Glasgow to recruit from those being shed by the traditional lenders.
More collaboration – within the industry and with universities and colleges – is required to improve the industry’s international standing and attract inward investors, it said.
There is also a warning about uncertainty over tax rates as a concern for business, as Holyrood prepares to take on extended tax powers.
Stephanie Bruce, a financial services specialist at PwC, said: “Without urgent action Scotland could continue to fall down the international rankings and, crucially, the rate of decline could accelerate.
“With political debate focusing on the challenges posed by the public sector cuts, particularly in the run-up to the Scottish elections, we need to work effectively as an industry to ensure that support for financial services remains firmly on the agenda.”