§ 35. Mr. Thomason
To ask the Secretary of State for Scotland if he will make a statement on the financial services industry in Scotland.
§ Mr. Stewart
The financial and business services industry makes a substantial contribution to the Scottish economy. In employment terms it has grown by over 80 per cent. since 1979 to its present level of 220,000, representing 11 per cent. of all Scottish employees in employment. Over the past decade the industry's contribution to Scottish gross domestic product has grown from 91 per cent. to 15 per cent. Funds under management at December 1992 stood at a record £103.4 billion. The industry is well placed to benefit from the opportunities of the single European market and I expect to see continuing strong growth in output in the years ahead.