Tuesday, January 26, 2021

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

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”.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.






Latest news

Refurbishment specialist appointed to multi-million pound fire and police business hub project

Office fit out and refurbishment specialist Overbury has been appointed to undertake a multi-million pound refurbishment of a new business services hub for Northamptonshire...

New partner promotion for BDO in the Midlands

Accountancy and business advisory firm BDO LLP has promoted 20 new partners across the firm with Jonathan Lanes named Risk Advisory Services (RAS) partner...

boohoo snaps up Debenhams IP for £55m

boohoo, the online fashion retailer, has acquired all of the intellectual property assets (including customer data and related business information and selected contracts) of...

Local leaders urge Boris Johnson to “deliver the whole of HS2 to level-up UK”

Leaders from along HS2's Eastern Leg have written to the Prime Minister, urging him to deliver both the local improvements and national connectivity which...

Multi-million pound orders see engineering firm embark on recruitment drive

Around £4 million of orders were placed in January at GAME Engineering, which specialises in materials handling solutions and security products for use in...

Related news

Plans submitted for Local Centre at new mixed-use development in Nottingham

Detailed plans for the Local Centre at the new mixed-use development at Teal Park in Nottingham have been submitted. Despite the economic problems surrounding the...

Refurbishment specialist appointed to multi-million pound fire and police business hub project

Office fit out and refurbishment specialist Overbury has been appointed to undertake a multi-million pound refurbishment of a new business services hub for Northamptonshire...

New partner promotion for BDO in the Midlands

Accountancy and business advisory firm BDO LLP has promoted 20 new partners across the firm with Jonathan Lanes named Risk Advisory Services (RAS) partner...

boohoo snaps up Debenhams IP for £55m

boohoo, the online fashion retailer, has acquired all of the intellectual property assets (including customer data and related business information and selected contracts) of...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close