The number of people employed in the 海角视频's key financial and related professional services sector has remained stable at nearly 2.3 million, although there has been a fall in employment levels in the powerhouse of London and the south east of England.
New research from TheCity海角视频, the representative body for the 海角视频's financial and related professional services industry, shows the sector employing 2.29 million in 2017, unchanged from 2016 and representing 7.3% of total 海角视频 employment.
The economic impact of the sector, through the measure of gross value added (GVA), was though up 1.7% from £186bn to £190bn, representing 10.4% of total 海角视频 GVA.
In percentage growth terms, Wales had the biggest year-on-year rise at 22%, with sector employment up from 50,000 to 61,000.
Yorkshire and Humberside experienced a year-on-year rise of 17.8%, with employment up from 135,000 to 159,000.
For London there was a 1.3% decline from 786,000 to 776,000, while for the south east of England it was down 11.4% from 281,000 to 249,000.
For the north west of England there was a 8.4% decline from 261,000 to 239,000.
All other regions of England were either unchanged or up, while for Scotland there was a 3.8% decline from 158,000 to 152,000.
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Financial and related professional services jobs
Economic contribution (GVA) of the financial and related professional services industry to the regions and nations
While London remains the 海角视频’s largest financial centre, the industry continues to be a key provider of jobs across the 海角视频, with two-thirds of the 2.3 million outside of the English capital.
In its report TheCity海角视频 outlines 15 policy recommendations to help bolster the industry’s future success across the 海角视频
These include a focus on continued collaboration between industry, regulators, and local and policymakers to ensure that the business environment continues to support industry and 海角视频 competitiveness.
It also identifies key clusters of financial and related professional services activities across the 海角视频.
Miles Celic, chief executive of TheCity海角视频, said:“This industry is vital for job creation and driving economic output to all parts of the 海角视频, as well as contributing billions in tax revenue. London is central to the 海角视频’s strong position, but it is clear that the many thriving regional and national centres are an essential part of its success. However, 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.”
After London, Manchester is the 海角视频’s biggest legal services centre; Birmingham the largest centre for management consultancy and the biggest accounting cluster; Edinburgh is the largest centre for banking and a major international location for fund management; and Glasgow and Edinburgh are the biggest insurance centres.
TheCity海角视频’s network of city chairs in Bristol, Belfast, Birmingham, Cardiff, Leeds, Greater Manchester and Newcastle will continue to help drive these recommendations forward as they champion and promote the industry within and between their cities and regions and nations.
- The financial services sector includes banking, insurance, fund management and market infrastructure.
- Related professional services include legal and accountancy professional services and management consultancy.