Lord Mayor hails links with Scotland and welcomes First Minister to Mansion House

The 693rd Lord Mayor of London, Vincent Keaveny, will deliver a speech to welcome First Minister Nicola Sturgeon at Mansion House tonight.

Addressing an audience of London and Scottish financial and professional services leaders, he will speak alongside the First Minister Nicola Sturgeon calling for greater collaboration between London and Scotland on shared challenges and priorities, such as green finance, fintech and financial skills.

An extract from the Lord Mayor’s speech is found below. Please check against delivery.

“Our overseas investors often tell us that the UK is much more attractive due to the strong financial services offer in Scotland. Edinburgh consistently ranks in the top 10 financial centres in Europe and the top 25 in the world – the only British city along with London to do so.

“The links between London and Scottish financial and professional services (FPS) firms in banking, insurance, asset management, life assurance and legal services and much more underpin our prosperity and help provide the wealth and tax contributions that support our economy and services.

“The bonds between London and other key financial centres, such as in Scotland, are vital to our future success.

“Recognising this, the City of London Corporation and the Scottish Government have a formal partnership agreement and we are committed to work together on shared challenges and priorities - such as green finance, fintech and financial skills.

In many areas, our priorities are strongly aligned.

“The Scottish Government’s recently-published National Strategy for Economic Transformation outlines how the financial and legal services sectors have a key role to play in achieving net zero as well as benefiting from the transition to a low-carbon economy.

“These are principles which we are championing here in the City, through our work with COP26 and encouraging sustainable finance when I represent the UK’s FPS sector overseas. The strategy also touches on the importance our FPS sectors in promoting responsible and ethical finance.

“But I know what our partnership can go even further. Through the City Corporation’s work with the Scottish Government, we can collaborate on better regulation, innovation, the rise of fintech or net zero investment.

“COP26 in Glasgow created a huge momentum and brought together over 450 financial firms – across 45 countries – responsible for assets of over $130 trillion. That’s about seventeen thousand dollars per person on the planet, all of which has been committed to delivering net zero by 2050.

“The City of London Corporation is committed to supporting green finance, ensuring our business sector gets the capital it needs to fund these critical innovations work we shall pursue even further by holding a Net Zero Delivery Summit right here in the City next month.

“As the UN said a few weeks ago, it’s now or never – so, let’s act together and let’s act now.

“I see the City of London and Scotland as complementary financial centres benefitting from significant flows of capital, expertise and talent between each market. We have mutual goals in so many areas, from financial innovation to impact investing and financial skills to green finance.”

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk