Shadow Chancellor Rachel Reeves promises to unlock Scotland’s economic potential during visit to Edinburgh

Labour’s shadow chancellor, Rachel Reeves, has committed to revitalising the UK economy, pledging that a Labour government would “pick it back up” and focus on unleashing Scotland’s economic strength.

Ahead of a visit to Edinburgh, where she will campaign alongside Scottish Labour leader Anas Sarwar, Reeves outlined plans to revitalise Scotland’s financial services sector, an industry she sees as one of the UK’s greatest assets. She is set to meet with leaders from financial services firms in the Scottish capital, with a goal of driving growth and creating jobs in the region.

Reeves stated: “Scotland’s financial services industry supports thousands of jobs and attracts billions of pounds in investment, making it a key contributor to the UK economy. That is why I was proud to launch our review of financial services in Edinburgh last year and why I can announce that we will deliver on it.”

She continued, “When Scotland succeeds, we all succeed. The SNP in Holyrood and the Conservatives in Westminster have let Scotland’s economy down, so it is up to Labour to help pick it back up and deliver the change needed.”

Her remarks come as part of Labour’s wider economic strategy, which promises to drive jobs and growth throughout Scotland, ensuring that local success translates to national prosperity.

Scottish Labour leader, Anas Sarwar, echoed Reeves’ sentiments, criticising the Conservative government for what he called 14 years of “chaos” that had “hollowed out the economy” and left Scotland poorer. He said, “Labour will unlock the full potential of Scotland’s financial services industry to create jobs and drive growth, offering a clear alternative to the turmoil created by the Tories.”

However, the Conservatives have strongly criticised Labour’s approach, with Scottish Tory finance spokeswoman Liz Smith accusing Labour of undermining Scotland’s economy with their opposition to new oil and gas projects in the North Sea. She also highlighted Labour’s support for SNP tax hikes, which she claimed have stunted growth.

Meanwhile, SNP economy spokesperson Drew Hendry dismissed Reeves’ comments as “empty words,” accusing Labour of hypocrisy. He argued that the party’s support for Brexit and its alignment with Conservative economic policies were responsible for the damage to Scotland’s economy. Hendry urged voters to support the SNP as the only party genuinely putting Scotland’s economic interests first.

With the Scottish elections on July 4, the debate over Labour’s economic proposals is heating up, with each party vying for control over Scotland’s future economic direction.