There has been much said and written about the impact of the credit crunch and current economic downturn on business. I would like to add a few comments on Scotland's financial services industry to add some perspective.
This industry has been at the heart of Scotland's economic prosperity for more than 300 years. Between 2000 and 2007 it grew by 60 per cent (measured on its contribution to the economy), vastly outpacing growth in the domestic economy. That growth in
cluded Scottish companies expanding their domestic and international operations while retaining their headquarters here, and major international corporates coming to Scotland to set up key operations. Scotland has an enviable pool of skilled and experienced talent, working across a diverse range of businesses within the industry and in related support companies.
That we have become a serious global player in this most global of industries means, of course, the industry in Scotland has felt the impact of the credit crunch. The environment is difficult, but we are in no way complacent. But let's remember that, in the face of this, our two largest banks have shown leadership and taken action. They are addressing the issues as they see them and seeking to ensure they remain as efficient and effective as possible.
We are all interested in what is happening, and it is right that we should be kept informed, but let's keep our perspective and show support for these truly international Scottish companies that have made a vital contribution to our country's economy.
GORDON ARTHUR
Director
Scottish Financial Enterprise
Melville Street, EdinburghThe full article contains 265 words and appears in The Scotsman newspaper.
