eFinancialCareers

As Scotland bids for independence from the rest of the UK, there’s the suggestion that its financial services sector could lose out.

Global Financial Services Week (GFSW) looks to highlight Scotland’s importance as a financial centre, and the cabinet secretary for finance, John Swinney, took the opportunity to attempt to assuage fears that an independent Scotland could undermine the industry.

He said: “We would have to take decisions about the way in which financial regulation was handled as an independent country. We would take those decisions with the principles of business competitiveness very much in mind.”

Swinney added that keeping a UK-wide system of regulation would be one option being studied by the Scottish National Party.

But this has failed to impress the Scottish Liberal Democrats who have suggested Swinney’s remarks suggest a “shut up or shove off” attitude that could see a talent exodus to other areas of the UK.

Spokesperson Liam McArthur said: “I was surprised to read that the finance secretary’s response to these concerns was that if they’re worried by the prospect of independence and regulation they could opt to leave Scotland.”

Meanwhile, another keynote speaker at GFSW, Professor John Kay, says it is the government’s responsibility to nurture financial services and that the size and importance of Scotland’s industry was underestimated.

Does independence pose a threat to the future success of Scotland’s financial services industry? Your thoughts please….