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Wage Inflation Warning For Finance Sector

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Wage inflation is eroding the competitiveness of Scotland's financial services industry and threatens to force thousands of jobs overseas, according to a new report.

Scotland's economy has benefited from rapid growth in financial services over the past 10 years and the industry now employs 300,000 people.

Staff at the likes of Standard Life, Royal Bank of Scotland and outsourcing specialists such as First State have enjoyed average pay rises of 3% since 1998, compared with a UK average of 2.4%.

But Adams warned that Scots finance workers each produced 20% less than the UK average, suggesting they were focused on back office tasks which could be moved offshore or replaced by computers.

2.4% wage inflation with 10X salary mortgages.

Edited by Ash4781

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