The South West experienced 26% growth in financial and related professional output between 2012 and 2021, according to a new report.
Research from TheCity海角视频 found in 2021, the financial and related professional services industry in the South West had 153,000 people in employment. This is almost 6% of the region’s total employment.
The research also found that in 2021, the industry employed 153,000 people in the region, representing 5.7% of total employment, and contributed almost £12.5bn to the local economy.
The report, ‘Enabling growth across the 海角视频', provides the latest available data (2021) and analysis on the financial and related professional services industry’s contribution to the 海角视频’s regions and nations. It also provides policy recommendations for governments on how to further unleash the industry’s potential to drive growth across the South West and the rest of the country.
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While London remains the 海角视频’s largest financial centre, two thirds of the more than 2.5m industry jobs are found outside the capital in towns and cities right across the 海角视频.
Bristol is the South West's largest financial centre, with 39,390 people in employment in the industry, followed by Bournemouth and Swindon (each with around 12,600 jobs).
In Bristol, the legal and accounting services sectors have the largest number of employees, followed by banking and other financial services. These four sectors represent almost three quarters of total industry employment in the city. In the West of England Combined Authority, financial and related professional services employment totals 52,000.
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Katharine Finn, TheCity海角视频 chair in the South West, and senior partner, Bristol Office, PwC, said: “It is clear that not only is the financial and related professional services industry an important contributor to our national economy, but it also delivers real opportunity and prosperity for the South West. There’s so much more potential which can be unlocked, with the industry focusing on deepening engagement with local universities to develop sector-specific programmes and courses; and to develop the region’s offering for FinTech start-ups.”
Miles Celic, chief executive, TheCity海角视频, added: “Financial and related professional services are an engine for growth and enabler for the wider economy. The growth in industry employment in the South West over the past decade reflects the significant investment made by firms and their commitment to building a strong pipeline of talent. But there is more that can be done to enable the industry to support faster growth across the country. By working together with governments, our industry can make an even greater contribution to national growth and prosperity.”
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