Mr Begbie, chief executive of Scottish Financial Enterprise, will publish an update this week on the organisation’s three-year-old Growth Strategy which will show the sector’s employment and exports expanding.

Headcount growth is particularly strong, with 157,000 employed at the end of last year compared with 135,000 when the report was launched in 2023.

Much of the expansion is down to the ripple effect into the supply chain following significant investment in the sector, particularly from the big US players such as JP Morgan and Blackrock, together with a huge Barclays presence in Glasgow.

JP Morgan now has 4,500 staff in Scotland. Blackrock has 1,400, Morgan Stanley 2,700 and Barclays has grown to over 8,000.

Scotland doesn’t compete with London, Paris and New York, their trading floors and currency clearing, but with about 135 ‘tier 2’ locations such as Boston, Melbourne and Montreal. Jobs are being created in AI, fintech and new financial vehicles.

“We have two centres – Glasgow and Edinburgh – in the top 45, so we’re doing pretty well,” he said.

Mr Begbie is warning Prime Minister Andy Burnham and Chancellor John Healey not to be tempted into higher taxes on wealth that would damage these positive trends. Banks, for instance, already pay higher taxes than their counterparts in Europe and the US.

“We don’t want to see any obstacles put in the way of the progress that is being made,” he said, adding that the wider economy needs to be supported through a benevolent tax system.

“There are individuals in the Cabinet who support equalising income tax and capital gains tax. That would be hugely detrimental to encouraging business growth. There has to be a recognition of the risks that business people take on.”

Mr Begbie is keen to see public sector reform that would tackle inefficiencies, rather than expect taxpayers to pay more.

“We have to start to ask if the model for financing the public sector is still the right one,” he said.