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How will Scotland's financial sector fare in the single European market?

Begg, Iain and Love, Jim (1990) How will Scotland's financial sector fare in the single European market? Quarterly Economic Commentary, 16 (2). pp. 76-82. ISSN 0306-7866

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Abstract

For Scotland, the evolution of the European financial system over the next few years will pose a serious challenge. The financial and business services sectors currently employ over 9% of the Scottish workforce and have been easily the most dynamic parts of the economy in the 1980s, having created nearly 50,000 jobs in the last decade. Within the single market, financial services must be regarded as a sector in which Scotland ought to have considerable opportunities, in contrast to many segments of manufacturing for which distance from key markets and a lack of competitiveness do not augur well. This article appraises the prospects for the Scottish financial sector in the single market, drawing extensively on a study carried out by the author (Begg, 1990). It starts with a profile of the sector in Scotland, then goes on to give an assessment of the anticipated effects on financial services of '1992'. Section III considers the opportunities and threats facing Scotland, and looks at possible constraints on successful adaptation. The fourth section considers the policy implications and is followed by concluding remarks.