We’ve switched our classes to live online. For more Covid-19 updates, click here

City of London is a key global hub for fintech companies

City of London is a key global hub for fintech companies

The City of London has become a key global hub for fintech companies over the past decade, according to UHY Hacker Young.

Research from the national accountancy group showed significant growth in the City’s economy, making it the strongest in the UK over the past decade.

Double

The City’s economy was found to have grown at double the speed of the national average, despite predictions that it would shrink after the banking crisis in 2008.

The research revealed the City’s growth rate in Gross Value Added (GVA), which measures an area’s economic contribution to the UK based on the value of goods and services produced per capita.

The City’s GVA was found to have grown by 24 per cent since 2008, rising from £236,356 to £292,855 per head, higher than the national average, which increased by 12 per cent, rising from £22,873 to £25,601.

According to UHY Hacker Young, the City has maintained its core financial services industry and has also reinvented itself as an ecommerce and fintech centre, with areas within the City and nearby, such as Shoreditch and Old Street, now becoming top spots for fintech businesses.

Resilient

UHY Hacker Young Partner Colin Jones commented: “When the crisis was at its height, many predicted a decline in the importance of the City’s economy, but instead it has proven to be resilient and still easily outpaces other major UK cities. Indeed, its growth is still primarily driven by its huge wholesale financial services industry.”

He added: “Along with its traditional strengths in investment banks and professional services firms, the City is now also host to more fintech and non-traditional financial services industries. Over the past decade, London has become a key global hub for fintech companies.”


Other News

ACCA Introduces Remote Exams

ACCA (Association of Chartered Certified Accountants) is introducing new rules for all students to allow for greater flexibility when taking…

Why study managerial finance?

All major business decisions largely depend on the right management of finances. This is why finance is a crucial function…

What are Risk Management Techniques in Project Financing?

Large-scale infrastructure projects running across the world play a major role for the development of global economy.…

Back to top