New data has revealed the huge impact that regional cities in the UK have had in driving growth in the financial services sector, with more than half of all jobs created over the past decade outside London.
The research by industry body The City UK found that of the 354,000 jobs created within the sector between 2012 and 2022, two thirds were outside London.
Northern Ireland had the highest growth rate at an average of 2.2 per cent annually, followed closely by the North West at two per cent and Wales at 1.9 per cent. This was compared to a UK-wide average growth rate of 1.2 per cent per year.
During the decade, cities including Birmingham, Manchester, Edinburgh, Bristol, Glasgow and Leeds all emerged as major financial hubs, each now employing more than 30,000 people in the sector.
But despite financial and professional services contributing more than £248bn to the UK economy in 2022, analysts warn that the government could be doing more to support the sector.
Miles Celic, CEO of The City UK, said, “With growth the number one priority for policymakers across the country, financial and related professional services must be central to this strategy.
“This industry is a dynamic force driving the economy, delivering high productivity, well-paid jobs in every region and nation of the UK. And there is more it can do to support growth and jobs.
“We urge government and devolved leaders to prioritise policies that can unleash that potential.”
Among the suggestions touted in its most recent report on the financial and professional services sector, The City UK urged the government to reform the planning system to expedite development projects and advance key infrastructure projects.
It added that improving transport connectivity between regional cities would help to attract the investment needed to support growth within the sector