JOHN Swinney has been urged to keep the “door open” between Edinburgh and London amid growing geoeconomic competition, as he signs a renewed agreement with the City Corporation.
The First Minister is visiting London on Monday, where he will take part in a Burns Night dinner with Dame Susan Langley at Mansion House.
The renewed agreement between the Scottish Government and the City of London corporation, which represents the financial services industry, is aimed at building “ladders of opportunity” for disadvantaged groups to access the sector, with Langley saying that whatever harms one city will harm the other.
He is expected to announce the next stage of the Scottish Government’s bonds programme, known as KILTS, during his visit while also negotiating with the corporation on securing investment for Scotland, including on green finance, fintech, data and AI.
Swinney said: “Scotland is a fantastic place to do business – and is the UK’s second largest financial hub after London.
“We have depth and strength across the full spectrum of financial and professional business services, and the ambition to lead in areas that will shape the future of finance.
“From large-scale infrastructure to innovative net zero technology, Scotland offers a stable, well-supported environment for investors looking to create lasting impact.
“We are committed to working with global partners, including in the City of London, to advance the opportunities which will help Scotland to grow.
“Through working collaboratively, the City of London can support Scotland’s ambition to grow a modern, thriving and sustainable financial centre that builds on our heritage and supports our wider economic transformation.”
Langley will give a speech on Monday evening, where she is expected to say: “Economic conflicts between major powers are reversing decades of integration and threatening the stability, efficiency and interconnectedness of global financial services.
“So, Edinburgh and London – open, connected capital cities at the heart of this global network, whose success rests on global commerce and respect for the rule of law – must collaborate more closely than ever before.
“Anything that damages one of us, damages the other. So, cooperation between Edinburgh and London isn’t just sentiment, it’s common sense.
“At a time when other countries are rolling down the shutters, we must keep our door open – to each other, and to likeminded international partners old and new.
“While we’re being modest, there are people out there who are actively trying to damage our good standing by pushing false narratives about the UK.
“If we want to remain competitive in a fast-changing world, we have to combat those naysayers and remind the world that the UK is one of the safest and best places to invest, work and live.”