A former Chief Economist for the Royal Bank of Scotland has today warned that continued constitutional uncertainty will put at risk jobs in Scotland’s Financial Services industry.

Jeremy Peat also warned that unless the Scottish Government took action to end the uncertainty, that Scotland would unnecessarily lose high-pay high skilled jobs as companies move their registered headquarters elsewhere.

Responding to the report, Scottish Labour’s Finance, Constitution and the Economy spokesperson, Jackie Baillie MSP, said:

“It was clear in the run up to the referendum that Scotland’s financial institutions were worried about their future prospects and some considered moving some of their operations out of Scotland -; putting at risk hundreds of thousands of jobs.

“What is a cause of deep concern is that financial institutions are even now considering moving with the loss of potentially thousands of jobs.

 “As Jeremy Peat outlines in his report, it is the role of the Scottish Government to act urgently to protect the 200,000 Scots employed in Scotland financial services industry.

“UK wide financial regulation safeguards Scottish jobs and stops a race to the bottom developing across the United Kingdom. If John Swinney is serious about protecting Scottish jobs he must put the referendum behind him and have an absolute focus on jobs and the economy