LFSI strategy unveiled
LEEDS Financial Services Initiative (LFSI) has outlined its strategy for the next two years to support and develop the financial and professional services sector of the Leeds city region.
Speaking to an audience of more than 100 business and civic leaders last night Howard Kew, LFSI’s chief executive, said the long term aim was to maximise the contribution the financial services sector could make to the region’s economy.
Mr Kew said: “There has never been a more important time to invest in protecting and supporting the sector in the city region and future proofing the industry.”
He said LFSI’s strategy was in line with recommendations in Deloitte’s The future of financial services in the Leeds City Region report, commissioned by Yorkshire Forward for the regional Task Force, to examine the impact of the financial crisis on the city region’s financial services sector.
“LFSI shall be supporting the Task Force’s priorities to preserve jobs and retain skills in the region as much as possible. LFSI has key a role to play in many areas identified in the report,” said Mr Kew.
“Despite the adverse affect of the economic downturn on jobs and businesses, the report clearly states that the Leeds city region is strongly positioned to tackle the immediate negative consequences and build a strong future for the financial services industry based on a robust and ambitious strategy.”
Outlining LFSI’s strategy Mr Kew said LFSI would implement a programme to further raise the city region’s profile as the UK’s leading hub of financial services outside of London and to generate new business enquiries to strengthen and grow the local market for existing firms.
LFSI will also develop its own research capability to be an expert source of information on the sector.
Specifically LFSI will work with Yorkshire Forward, other agencies and local authorities on attracting inward investment – a key area of opportunity identified in the report.
LFSI will seek to develop new networks in London and overseas in addition to established networks with its own London & International Committee, UK Trade & Investment and the Corporation of the City of London which promotes the whole of the UK financial services industry worldwide.
Another key area will include strengthening networks with the city regions’ universities and business schools, the regional Financial Services Skills Academy and Learning & Skills Council.
Speaking at the meeting, Rosie Winterton, the Minister for Yorkshire & Humber said: “I will do all I can to maintain the status of the Leeds city region as one of the most important UK centres for financial and professional services. We have an historic link with financial services and its evolution in the UK.
“Notwithstanding current economic difficulties, I am confident the Leeds city region will continue to be a UK centre of excellence for these industries. We have the skills, expertise and flexibility in this region to be an excellent base for both existing and new business opportunities in financial and business services.”
Tom Riordan, chief executive of Yorkshire Forward, said: “The financial services sector and the city of Leeds have been a driving force in the engine of our region’s economy over the last 20 years and I believe they will lead us out of recession again.
“The only way we will succeed, and I believe we will, is by working as a team. LFSI is a critical part of that team and we are proud to work with them in supporting the industry.”
