24 Jan 2005
The importance of the financial services sector to the Scottish economy was highlighted today by Scottish Secretary Alistair Darling when he visited Standard Life in Edinburgh.
During his visit Mr Darling discussed the range of operations undertaken by the company, future plans and met with staff.
Mr Darling said:
"Financial Services are hugely important to the Scottish Economy, employing 106,000 people and accounting directly for 5 percent of Scotland's Gross Domestic Product. The sector continues to be one of Scotland's success stories with Edinburgh the largest financial centre in the UK outside of London.
"Global market conditions have caused difficulties for the life assurance industry in the past couple of years. As Standard Life is one of the biggest single employers in the sector in Scotland, today's opportunity for me to hear the directors' own views of the prospects for the company has been invaluable.
"Having heard at first hand Standard Life's plans to consolidate its presence across the globe and gain market share in expanding markets such as China, I am encouraged that Standard Life can continue to be a world class organisation headquartered and operating from here in Scotland."
Alistair Darling will continue his on-going dialogue with the Financial Services sector at a meeting with Scottish Financial Enterprise next month.
NOTES FOR EDITORS
1. Alistair Darling visited Standard Life's Headquarters on Lothian Road, Edinburgh.