The Growth of the Scottish Financial Sector
The problem for any UK regional financial centre is the difficulty of combating the powerful centripetal force of London, a problem that manifests itself in terms of both retaining existing institutions and attracting new institutions to a region. Low costs offering economies of scale, particularly in processing, can go some way towards attracting certain operations of financial institutions to the regions, but policy making and management advisory functions typically remain elsewhere. Accidents of history, in particular separate legislation from England that did not discourage innovation in banking, together with the need for local knowledge in selling and appraising insurance risks, led to the development of a distinctly Scottish regional financial sector with a substantial presence in banking, life assurance (and to a lesser extent general insurance) and investment (particularly investment trusts).
KeywordsEurope Income Marketing Assure Ethos
Unable to display preview. Download preview PDF.
- City Research Project (1995) FinalReport, LBS and Corporation of London.Google Scholar
- Draper P., I. Smith, W. Stewart and N. Hood (1988) The Scottish Financial Sector, Edinburgh: Edinburgh University Press.Google Scholar
- Ireland, J. (1994) The Importance of Telecommunications to London as an International Financial Centre, The City Research Project, Subject Report XVIII, London: LBS and Corporation of London.Google Scholar
- Price Waterhouse (1993, 1994) Investment Management Survey, London: Price Waterhouse.Google Scholar
- Szymanski, S. (1994) The City Labour Market, The City Research Project, Subject Report xv, LBS and Corporation of London.Google Scholar