TheCityUK: Cities across UK host vital financial and related professional services hubs

28 February 2017

Of the 2.2 million people working in the industry, the majority (1.5 million, or around two-thirds) work outside London, together representing around 7% of the working population, yet contributing nearly 11% (£176bn) of total Gross Value Added (GVA) in 2015.

The report shows that while London remains core to the industry’s strong position, major centres with more than 30,000 people employed in financial and related professional services include Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester. Overall, 21 towns and cities across the country have in excess of 10,000 people in employment in the industry and since 2010, 200,000 additional industry jobs have been created right across the country. [...]

Miles Celic, Chief Executive of TheCityUK, said: Our report reinforces the value delivered by financial and related services to the whole of the UK economy. [...]Maintaining this ecosystem is critical to ensuring the UK remains a world-leading place to do business.

TheCityUK’s report identifies four key areas for policymakers and other key stakeholders to focus on, working in close partnership with the industry, to maintain the industry’s international competitiveness:

• Rollout intra-and inter-regional partnerships, linking complementary regional clusters and promoting engagement through partnerships and by unlocking investment in infrastructure.
• Identifying and supporting emerging and disruptive innovation and growing specialist industry clusters across the UK in these skills areas.
• Enhancing the UK’s education system and ensuring specialist companies have access to complementary skill sets.
• A stable and predictable business environment, including the adoption of a clear and consistent approach to devolution, to ensure the UK remains open for business from across the world.

Full report Enabling Growth across the UK

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