It was highly encouraging to see Scotland’s biggest city climb further up the league table of global financial centres when the latest rankings were published last week.

And Glasgow’s success on this front was perhaps all the more pleasing given the city has not had its challenges to seek in recent times.

There has been a sharp focus on some of the rundown parts of the city centre, notably Sauchiehall Street. And Glasgow has suffered in terms of daytime footfall from a much slower return to the office than that experienced by other major cities across the UK.

Much of the financial sector activity in Glasgow is, of course, south of the traditional central business district, on both sides of the River Clyde, taking in the likes of JP Morgan, Morgan Stanley, Virgin Money and Barclays. And sometimes the amount of development in the international financial services district since the turn of the millennium is overlooked when parts of the city centre greatly in need of investment are highlighted.

Whatever the case in this regard, the latest twice-yearly Z/Yen Global Financial Centres Index highlights the strength of Glasgow’s financial sector. And we underestimate the importance of this sector to the city at our peril.

Not only did Glasgow enjoy an impressive jump in the latest rankings but this was a continuation of an encouraging trend over a longer period.

Glasgow rose by five places to 32nd spot in the latest Z/Yen Global Financial Centres Index. In September 2023, Glasgow was in 51st spot, before climbing to 42nd place in March 2024 and then 37th place in September last year.

Hearteningly for Scotland, Edinburgh also fared well in the latest rankings.........

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