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Financial Services

Volume 124: debated on Wednesday 9 December 1987

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50.

To ask the Secretary of State for Scotland what is the current level of employment in the financial sector in Scotland; and if he will make a statement.

The number of employees in employment in Scotland in division 8 of the standard industrial classification—which covers banking, finance, insurance, business services and leasing—totalled 165,000 in June 1987. This represents an increase of around 47,000 or 40 per cent. since 1977.Current employment estimates for the financial services sector alone are not available from official sources. The 1984 census of employment, which is the latest available, indicates that there were around 72,000 employees employed in financial services in Scotland in September of that year.The financial services sector makes a vital contribution to the Scottish economy both directly and indirectly, and it has been amongst the fastest growing employment sectors in recent years.