Glasgow beats Edinburgh as financial centre

Edinburgh fell 17 places in the rankings. Picture: Phil Wilkinson

Edinburgh fell 17 places in the rankings. Picture: Phil Wilkinson

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GLASGOW has overtaken Edinburgh as Scotland’s most important financial centre – despite both cities falling down the latest ranking of the world’s economic hotspots.

The biannual Global Financial Centres Index saw Glasgow drop 11 places to 50 – but it still overtook the Capital after Edinburgh fell 17 places to 54.

The fall was attributed to the turmoil in the Scottish banking centre, and means Glasgow is now the second most important financial centre in the UK, behind London.

Stuart Patrick, chief executive of the Glasgow Chamber of Commerce, said: “The impact of the financial crisis has been severe.”