Lord Mayor of London hails Northern financial services
THE financial and professional services sector in the Northern Powerhouse must have access to the European single market if it is thrive.
That was the message to the Government from the Lord Mayor of London who has visited the region in his ambassadorial role promoting the FPS sector.
Alderman Jeffrey Mountevans highlighted the three areas essential for the industry, post Bexit.
“The first is access to the single market of 450 million people,” he told TheBusinessDesk. “Secondly, there must access to European labour.
“A lot of EU citizens are employed in the FPS. In the European Economic Area, about 10% of people are employed in the FPS, often in senior positions.
“Thirdly, there must by passporting of financial services – where, for example, an insurance company, bank or fund manager can sell their products into European markets.”
He went on: “The UK has always been open to talented people and it needs to have access to the best talent from around the world.”
The Lord Mayor travels extensively, spending about 100 days a year abroad, fostering goodwill and boosting British trade, particularly in the FPS sector.
As well as visiting Liverpool Science Park, where he complimented the strong interface between the universities and business in the UK, Mountevans made a keynote address to more than 120 business leaders at Manchester’s Midland Hotel, in an event backed by pro Manchester, the not for profit members organisation representing the financial and professional sector in Greater Manchester.
Mountevans pointed out that the FPS employs 2.2 million people and provides 81% of its workforce is the biggest provider of tax for the Government – £66bn annually.
“Manchester is really flying at the moment, and is the leading financial services centre outside London.” he said. “I am keen to like up with the FPS here to get the story out nationally of the importance of this industry.
“I don’t think it’s fully understood – it’s a great engine for growth.
“The Northern Powerhouse is still something of a concept, but I am a great believer in it. Lord Mayors of London have been visiting what we now call the Northern Powerhouse for last 10 years.
“218,000 people work in FPS in Greater Manchester, which is contributing 12.2% of the region’s GVA.
“There are occasions when London and the regions compete, but there is also a complementary offer. The regional centres plays a huge part in this.”
Meanwhile, Pro manchester chief executive John Ashcroft said: “This has been a fantastic opportunity to showcase the FPS sector here in Manchester.
“National companies are increasingly choosing Manchester as their base for operations which is testament to the opportunities the city provides, including a highly skilled workforce.”
