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Happy Birthday IFSD! 29 November 2011

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It’s ten years since I helped launch Glasgow’s International Financial Services District (IFSD)...on the roof of London’s Stock Exchange.

Our ambition was to create 20,000 new jobs in ten years, mainly by extending Glasgow’s Business District southwards to the Broomielaw on Glasgow’s River Clyde Waterfront and creating a new, high-quality business neighbourhood.

Glasgow City Council and Scottish Enterprise Glasgow developed the vision, which was soon endorsed by many private sector partners such as BT, which made a crucial and early investment of £50 million in broadband for the IFSD.

I’ll spare the blushes of the leading economic guru back then who said IFSD would not succeed; but, ten years later, how is IFSD doing against its original targets!

According to a rigorous new economic impact analysis of Glasgow’s IFSD by Scottish Enterprise, 15,000 high value financial services jobs had been created there by 2008, when the current recession started. Since 2008, thousands of jobs have been lost in the IFSD, but they have in turn been replaced by other new jobs.

There are currently 15,500 financial services jobs in Glasgow’s IFSD., where there are also hundreds of new ancillary jobs which were included in the original target of 20,000 jobs, but which were not included in Scottish Enterprise’s analysis.

The success and crucially, the resilience of Glasgow’s IFSD, alongside the fact that the new Tesco Bank has located its HQ in Glasgow; not in the IFSD but creating 900 new jobs, shows that our vision of ten years ago has not just created a new neighbourhood for Glasgow; it has created a whole new industry for Glasgow.

Charlie Gordon

For more information visit:- http://www.ifsdglasgow.co.uk/



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© Charlie Gordon 2012