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What business needs from Scotland’s National Transport Strategy Presentation to Scottish Executive Business Breakfast 27 April 2006 Amanda Harvie, Chief Executive Scottish Financial Enterprise
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Scottish Financial Enterprise (SFE) is the independent organisation, formed in 1986, that supports and represents the interests of Scotland’s financial services industry. Our members encompass all sectors of the industry including banks, insurance, fund management, asset servicing, corporate finance and broking services, professional advisors and support services.
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Key focus of SFE’s work: Lobbying for improvements to the business environment that Scotland provides for the financial services industry Influencing government, regulators and other policy makers outwith Scotland, mainly in Westminster and Brussels, by facilitating engagement between them and our members Promoting greater awareness, understanding and support of Scotland’s financial services industry, particularly among politicians and the media
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Scotland’s National Transport Strategy Consultation Is the vital, not-to-be-missed opportunity to shape the policy framework for delivering 21 st century transport infrastructure to secure our economic future!
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Scotland’s National Transport Strategy Must be: 21 st century world-class A catalyst for long-term economic success Deliver a major step-change in economic growth
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Why transport matters to our financial service industry An international industry competing in the global market and making a major contribution to the Scottish economy Over 300 years of innovation and excellence Scotland is now one of Europe’s leading financial centres and the second largest financial services hub in the UK next to London Many global financial services companies are headquartered and located in Scotland Particular strengths in banking; general insurance, life assurance and pensions; investment management; asset servicing; corporate finance and broking services, and a strong community of professional advisors and other suppliers
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Contribution of financial services to the Scottish economy Financial services accounts for more than 10% of Scottish jobs, employing over 113,000 people directly and over 100,000 more in support services Financial services is the fastest growing sector of the Scottish economy. In the last five years (2000 Q3 to 2005 Q3) financial services in Scotland grew by 35.5% while the overall Scottish economy grew by 8.8% and the whole of the UK financial services industry grew by 16.6% in the same period Financial services generates over £6bn (more than 6%) of Scottish GDP measured as Gross Value Added – and much more!
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Source: Scottish Executive GDP Index
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Industry agenda for the Scottish Executive An overarching strategy to further develop Scotland as a leading international financial services centre, focused on improvements to: Transport and communications infrastructure Skills development and labour supply Cost and ease of doing business from Scotland Financial literacy education across Scotland Support of industry’s lobbying agenda in Westminster and Brussels Brand identity and promotion Recognised by the Scottish Executive in the shared public/private sector Strategy for the Financial Services Industry in Scotland to ensure “an innovative, competitive and thriving international financial services industry in Scotland, underpinned by world-class infrastructure and universally recognised as a leader on the global stage”
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Financial services future growth scenario Strong business optimism Continued growth in recruitment Opportunity for continued growth of international financial services industry in Scotland BUT Growing transport problems and connectivity challenges Risks in meeting demand for office space, services and housing Need for overarching strategy to improve infrastructure Neglecting the industry’s connectivity needs will threaten its growth and economic contribution
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Financial services industry satisfaction with current transport infrastructure (Source: SFE Report on the Connectivity Needs of Scotland’s Financial Services Industry – April 2005)
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How does Scotland’s infrastructure compare? (Source: SFE Report on the Connectivity Needs of Scotland’s Financial Services Industry – April 2005)
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Ranked top five transport initiatives for financial services industry in Scotland (Source: SFE Report on the Connectivity Needs of Scotland’s Financial Services Industry – April 2005)
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Financial services – connectivity needs 1. International Connectivity is key factor in location of mobile businesses Major contributor to economic growth and performance Route Development Fund has been successful in generating new direct routes from Scotland Expansion of Fund is welcome but must ensure business requirements are priority Direct routes required to key business destinations in EU, US and Asia
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Financial services – connectivity needs 2. National – air and rail to London Need to at least upgrade East Coast Line by upgrading track and improving journey times and reliability More flights to London City airport from Edinburgh and Glasgow, especially in view of Docklands Light Railway Strong demand for more frequent flights and later evening departures
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Financial services – connectivity needs 3. Inter-regional Urgent need to improve links between Edinburgh and Glasgow airports and their city and business centres Need for improved connectivity between Edinburgh and Glasgow to form central hub: - high speed transport link - completion of M8 Strengthen road and rail links with other key areas, particularly Perth, Dundee, Aberdeen, Stirling, Fife
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Financial services – connectivity needs 4. Intra-regional Need for multi-modal links within cities, including: High quality commuter bus shuttles Tram systems on high volume routes To deliver: Faster, more efficient access and mobility Reduced congestion Improved living and working environment
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Priority actions identified by SFE research Develop an overarching and interconnected transport and economic development strategy to include future office and residential needs of the financial services industry Create a financial services “super-hub” in Scotland centred on an Edinburgh-Glasgow axis Create a high-speed ground link between Edinburgh and Glasgow Improve connectivity by road and rail between Edinburgh and Glasgow and Perth, Dundee, Stirling and Aberdeen Address key bottlenecks, e.g. Forth crossings and the M8 Create International Business Districts around Edinburgh and Glasgow airports Continue to invest in Route Development Fund to support key business destinations Gather international evidence on innovative funding and delivery of transport infrastructure Develop new ways of working with the private sector to deliver the transport needs of the financial services industry
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The way forward for Scotland Accelerate delivery of current projects Abandon “thematic” and “regionalised” approach to national transport strategy development Make transport the catalyst for transformational long-term economic growth Maximise innovative funding and delivery mechanisms Embrace private sector expertise Align related policies and infrastructure to allow for successful delivery Be bold, ambitious and prepared to take risks – in policy, solutions and delivery Benchmark quality of transport infrastructure and plans against global competition We must develop and deliver an overarching, long-term, 21 st century transport strategy that will radically enhance the economic geography of Scotland to meet our future needs and deliver transformational long-term economic growth THE NATIONAL TRANSPORT STRATEGY MUST BE NOTHING LESS!
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For further information contact: Amanda Harvie Chief Executive Scottish Financial Enterprise 91 George Street Edinburgh EH2 3ES Tel: +44 (0)131 247 7700 Fax: +44 (0)131 247 7709 Email: info@sfe.org.uk Website: www.sfe.org.uk
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