A report from financial and related professional services membership body TheCityUK has shown that the financial services sector is thriving, with many areas of the UK seeing job growth.
The report, entitled “Enabling Growth across the UK 2018”, highlighted the importance of financial and related professional services to the UK, with the sector making a significant contribution to economic output and employment across all regions.
The report showed that many areas of the UK have seen an increase in finance jobs over the past year, with the North West, East of England, Scotland and London seeing a rise of 14%, 7%, 7% and 4% respectively.
While London continues to be the largest financial centre in the country, the report highlighted the importance of the finance industry across the whole of the UK, with the sector contributing £174bn to the UK economy in 2016.
In addition to providing facts and figures about the finance sector’s contribution to the economy and employment in the UK, the report offers recommendations to help boost growth in regional financial and related professional services centres and to ensure that the UK continues to be a global competitor in financial services.
Among the topics that the report focuses on for achieving this are creating a competitive business environment, partnerships and engagement and diversification.
Commenting on the importance of driving growth in the financial services sector, TheCityUK’s Chief Executive Officer Miles Celic said: “The ongoing strength of our financial centres across the country underlines what a national success story this industry is. Building on this success will need a supportive business environment and greater emphasis on local expertise and local decision making. A one-size-fits-all approach simply won’t be good enough.”
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