Too many jobs, too few candidates

Scotland's financial sector continues to boom. But where are all the people to fill the jobs?

The most recent Bank of Scotland survey of the Scottish labour market, published in October, reveals finance and accounting employers are facing acute skills shortages - they rank second behind engineering and construction as finding it hardest to fill roles.

The gaping hole in the supply of talent might be down to the fact that Scotland has seen 65,000 new jobs created in the sector over the past five years, with financial services accounting for 65% of the net increase in Scotland's new employment over the period.

Although our own recent survey suggested London workers have no intention of retreating to Scotland in the event that they lose their jobs due to the sub-prime crisis, the Bank of Scotland report also suggests financiers south of the border are heading north.

Tim Crawford, group economist at the Bank of Scotland, says: "The jobs market in Scotland remains tight and skills shortages were seen across a wide range of sectors in September."