Yorkshire Times
Voice of the North
Andrew Palmer
Business Editor
2:07 PM 7th June 2019

Yorkshire's Financial Sector Strong Jobs Growth

Yorkshire’s financial services sector has seen the number of people employed rise to one of its highest rates across UK regions with 24,000 jobs created. The latest figures are reported in a report published by TheCityUK, Enabling Growth across the UK 2019.

In contrast, other UK financial centres across the country showed strong growth in employment. In Wales, industry jobs increased by 11,000 jobs, the East of England they grew 12,000 jobs, and in the West Midlands they were up 10,000 jobs.

Leeds is the region’s largest financial centre, employing around one quarter of the region’s workforce in the industry. Sheffield and Bradford together account for a further 20%.

Leeds City Region is one of the UK’s largest centres for baking. It is home to 30 national and international banks, plus the headquarters of three of the five largest building societies.

Leeds is also a major centre for mortgage, corporate and retail finance, insurance and stockbroking.

Miles Celic, Chief Executive Officer, TheCityUK, said: “This industry is vital for job creation and driving economic output to all parts of the UK, as well as contributing billions in tax revenue. London is central to the UK’s strong position, but it is clear that the many thriving regional and national centres are an essential part of its success.

“But, this should not be taken for granted. Ensuring the industry’s future as a national asset will require a concerted effort. This includes more regionally focused policies and initiatives, greater focus on developing specialist centres and sectors, a more competitive business environment and enhanced engagement between government and industry.”

The report also points out that while Sheffield City Region elected its first metro mayor in May 2018, the rest of Yorkshire and the Humber is without a devolution deal.

The financial and related professional services industry will work to encourage and support a devolution deal that will open up the region to new opportunities for investment

In its report, TheCityUK outlines 15 policy recommendations to help bolster the industry’s future success right across the country. These focus on continued collaboration between industry, regulators, and local and policymakers to ensure that the business environment continues to support industry and UK competitiveness.