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Scotland retains top spot for financial services investment outside London

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Scotland retains top spot for financial services investment outside London

Scotland continues to attract the highest number of UK financial services foreign direct investment (FDI) projects outside of London, according to the latest EY Scotland Attractiveness Survey for Financial Services.

Of the nine financial services projects recorded in Scotland, five were in Edinburgh, two were in Glasgow, with one each for Motherwell and Dufftown.




Edinburgh is again the top UK city outside London for securing financial services FDI projects. Of the five UK financial services FDI projects that created more than 150 jobs in 2023, two of those were located in Glasgow.

London remains the leading European city for FDI in 2023, a position retained for the last decade – attracting 81 projects – with Edinburgh also in the European top 10, at ninth place.

Investor sentiment finds that 26% of financial services investors looking to establish or expand operations in the UK over the next year would look to Scotland – up from 14% in 2023 and 12% in 2022.

Edinburgh (25%) is the top city outside of London (37%) for investors looking to establish or expand operations in the UK, followed by Cardiff (21%).

Sue Dawe, EY Scotland managing partner for financial services, said: “These results underscore the enduring strength and confidence that investors continue to place in our financial sector: where traditional institutions and emerging FinTech disruptors contribute to a vibrant, dynamic and forward-looking financial ecosystem.

“Financial services continues to be a pillar of the Scottish and UK economy – and is only increasing its position as pivotal player on the international stage.

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