Wales is the UK’s top spot for business growth in the finance sector, according to research from accountancy firm, Nixon Williams. The number of start-ups in the financial services sector increased by 11.2% in 2015, higher than in any other location in the UK.
Research showed that the total number of financial services businesses, including services such as banking, fund management and insurance, rose from 2,400 to 2,695 between 2014 and 2015. Scotland came in second, with an increase of 10.9% since 2014, whilst London, north east England, Yorkshire and Humberside reached third place at 9.7%.
Nixon Williams stated that Cardiff has become the fastest-growing city in the UK in terms of job creation over the past few years. The city has its own business district, the Central Cardiff Enterprise Zone, which has helped to provide more jobs in the financial and professional services sectors.
The company added that the increase in the number of jobs in Cardiff has helped to bring more talented individuals into the city.
Nixon Williams Chief Executive, Simon Curry, stated that the financial services sector took a “battering” during the recession but added that “structural changes in the industry have played to the advantages of the UK regions.”
“Many larger institutions are taking advantage of the lower cost base of regional cities, and for start-ups those same cost advantages can make an important difference in the critical early years,” he said.
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