Exclusive:Donald Trump 'provides opportunities for Edinburgh's financial sector', says City mayor

Alastair King, the elected head of the governing body for London's financial district, said he was "optimistic" about the coming years. He said the financial services sector in the UK “actually did very well” during Mr Trump’s first term in office.

"We had four years in the first presidency, even though we had Covid towards the end of it, where things were actually motoring along pretty well,” he said.

"Certainly, the measures that President Trump has already enacted, I sense that there is grounds for optimism in relation to financial services in the United Kingdom."

Mr King spoke exclusively to The Scotsman ahead of a Burns Supper in Edinburgh co-hosted with First Minister John Swinney.

"I think there are all sorts of opportunities that are available to us,” he said. “We've got to make sure that we're getting out there, banging on doors over in America as well, and look at the opportunities on a number of frontiers.”

He said Mr Trump’s shift away from climate policies could also present opportunities.

"There's a downgrading of some of the green targets over in America,” Mr King said. “And the question mark, does that present a real opportunity for us here in the United Kingdom? We have great expertise in green finance and green-related bonds, all these sorts of things.

"If effectively there's going to be a diminution of that activity over in New York, does that mean an opportunity for us here, in the United Kingdom? Logic would present yes, all sorts of opportunities for us there.

"But they're not going to fall into our lap. We have to go and get them, if you see what I mean, because there will be plenty of other centres saying we want part of that business if New York is not going to do it.

"So, I'd be encouraging people in the sector, Edinburgh, but also in London, to get on planes, bang on doors over in America to try and get that business."

Mr King added: "We're already very good at it. We already know what we're doing. We've got experience in a way that other centres perhaps don't. We've got an opportunity there to sort of say ‘look, fine, if you don't want to do that, we'll do it’."

Asked about how the City as a whole views Mr Trump, Mr King said: "I think some things they don't admire about him, but I think some things - the pro-business agenda, I think, has gone down, in my experience, very well with my City contacts."

Mr Swinney signed an updated partnership agreement between the Scottish Government and the City of London Corporation on Monday.

This focuses on shared priorities and opportunities to secure investment in Scotland, develop new technologies, fund nature projects and promote the Scottish financial sector internationally.

The City of London Corporation has previously spoken out about the damaging impact of Scotland’s higher income tax rates, but Mr King refused to be drawn on this.

“We need both government in Holyrood and also in Westminster to back the sector,” he said.