This week Scotland officially opened its doors in London, with the launch of Scotland House, a new innovation and investment Hub situated at the heart of Victoria Embankment.
This is clearly great news for the ambitious Scottish companies and organisations which will use the Hub as a location for doing business in London, but the benefits extend far beyond the border.
In fact, the London-Scotland business partnership dates back centuries and continues to be very strong today, thanks to many years of collaborative working, shared investment and solid outcomes.
The fact is that in business, there are significant interdependencies between Scotland and London.
Many companies which have their front office in London rely on Scotland and its strong talent pool to deliver middle and back office functions. This rings true particularly in the financial services sector where just over half of employment in the sector in Scotland is by London headquartered firms. Scotland has the availability of skills complementary to many of our existing investors’ London teams and excellent retention rates, which continues to make it an attractive near-shore location for London companies. Running functions from Scotland also helps these companies drive operational cost efficiencies.
Bringing Scotland to the heart of London
Global companies including JP Morgan, Morgan Stanley, Aviva and Amazon, have all benefitted from the London-Scotland connection; having substantial operations in both Scotland and London allows them to maintain a presence in the City whilst taking advantage of cost efficiencies of up to 30-40% of running some operations from Scotland.
So, both London and Scotland have benefitted from this collaborative approach, and there’s never been a more relevant time to build on this.
The new Hub at Scotland House will provide a base for London companies to engage with Scotland and our ambitious companies, sectors and investors. Scotland offers a dynamic business environment which promotes collaboration and active partnership between industry and academia and the Hub will extend this approach into London.
London is a trusted partner and Scotland House will advance this partnership, by bringing Scotland to the heart of London.