New report says financial and professional services play “vital” role in growing the region’s economy

Credit: Shutterstock.com/ Brian A Jackson

A new report out today from TheCityUK underlines the role UK-based financial and related professional services play in growing the East Midlands’ economy.

Of the 2.2 million people working in the industry, the majority (1.5 million, or around two-thirds) work outside London, 82,000 of them based in the East Midlands. In total, the industry represents around 4% of employment in the East Midlands and contributed 5% or £4.9bn of the East Midlands’ Gross Value Added (GVA) in 2015.

TheCityUK’s report – “Enabling Growth across the UK” – shows that while London remains core to the industry’s strong position, major centres within the East Midlands play a key role in maintaining the UK’s place as the world’s leading financial centre. Overall, 21 towns and cities across the country have in excess of 10,000 people in employment in the industry, including Northampton and Nottingham.

The industry is widely dispersed throughout the East Midlands, which has a long standing and growing presence in back office activities. It also has a historic and continued banking sector presence. More recently there has been greater diversification in activity, including growth in insolvency law, public private partnerships and corporate finance. Nottingham is already an established location for many internationally recognised businesses.

Miles Celic, chief executive of TheCityUK, said: “Our report reinforces the value delivered by financial and related professional services to the whole of the UK economy. Firms from across the world come to Britain to do business, many first putting down roots in London and then expanding their operations across the country, to cities like the Nottingham and Northampton creating a deeper talent pool of skilled workers that benefits local and national businesses. In turn, strong regional financial centres like the East Midlands boost the attractiveness of London as a global financial centre. Maintaining this ecosystem is critical to ensuring the UK remains a world-leading place to do business”.