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The report, ‘Enabling growth across the UK’, shows that in 2021 (the latest available data), nearly 2.5 million people were employed in the industry – approximately one in every 13 jobs – with two thirds of those based outside the capital. For the first time, employment in the North West (289,000) overtook the level of employment in the South East (286,000), the region that has traditionally had the highest level of industry employment after London. Industry employment grew year-on-year in 2021 in every region and nation of the country, bar the South West and Scotland.
Overall, financial and related professional services contributed £254bn – or £13 of every £100 – to the UK economy in 2021. Over the decade to 2021, the industry’s economic output increased by £75bn, at an average annual growth rate of 4%, with Northern Ireland experiencing the highest annual growth rate (6.5% on average), followed by London (4.9%) and the North West (3.9%).
National and regional financial centres such as Birmingham, Manchester, Edinburgh, Bristol, Glasgow and Leeds have more than 30,000 in industry employment; with 23 major towns and cities across the country each employing more than 10,000 people in financial and related professional services.
Miles Celic, Chief Executive Officer, TheCityUK, said: “Financial and related professional services are an engine for growth and enabler for the wider economy. The industry’s continued strong contribution to jobs and economies right across the country underline its status as a national success story. The growth in industry employment outside London over the past decade also reflects the significant investment made by firms over across the regions and nations 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 national, regional and devolved governments, our industry can make an even greater contribution to national growth and prosperity.”
In its report, TheCityUK sets out a series of policy recommendations for national and regional administrations focusing on devolution, people and prosperity: