Financial sector is booming – new report

THE financial and related professional services in the North West is booming, according a report.

TheCityUK’s Finance for Growth in the UK report is pointing to upwards of 15,000 high-value new jobs created in the past year – the largest increase outside London.

Manchester, the biggest financial centre in the region, employs nearly 50,000 people, followed by Liverpool (nearly 20,000) and Chester (11,000).

According to the report, with a 227,300-strong workforce, the North West is the second largest regional financial centre after the South East outside of London, and in 2013 contributed £13.9bn to the local economy, or 9.7% of regional GVA.

Chief executive of TheCityUK, Chris  Cummings, said: “The North West is a particular centre of excellence for asset and wealth management, accountancy and legal sectors – in fact it is the largest legal centre in the UK after London.

“With the Government’s commitment to developing a ‘Northern Powerhouse’ and continued improvement in business confidence, we expect to see more new hires over the coming year, creating an even stronger hub in the North West.

“Looking longer-term, in order for regional financial centres to continue to thrive, it is essential to ensure the ongoing competitiveness and attractiveness of the UK as a place to do business.
 
“Strong regional centres increase the international appeal of London by deepening the talent pool of skilled workers and offering growth opportunities for financial and related professional services firms.

TheCityUK’s report shows that the regions with the largest upswing in employment in 2013 outside of London included the North West (15,000), Wales (8,000) and the East of England (5,000).  Towns and cities with the strongest growth include Cardiff (2,000), Swindon (1,900), Manchester (1,800) and Swansea (1,200).

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