- Nearly 2.5 million people employed by the industry – with two thirds of jobs outside London
- The industry contributed £285bn to the economy, representing 12.6% of UK GVA, in 2023 (latest available data)
- TheCityUK calls for targeted government and devolved government action to further unlock growth
The UK-based financial and related professional services industry continues to be a bedrock of national economic strength, with new research from TheCityUK underlining its widespread contribution to jobs, growth, and productivity across the country.
TheCityUK’s ‘Enabling growth across the UK 2025’ report shows that nearly 2.5 million people were employed in the industry – around one in every 13 jobs – with two thirds of those roles based outside London in 2023 (the latest available data). Financial and related professional services contributed £285bn to the UK economy, accounting for 12.6% of the UK’s total gross value added (GVA).
Over the past decade, the financial and related professional services industry’s workforce grew by more than 326,000 across the UK – with over half of this jobs growth occurring outside London. This underlines the strength of the industry in regional and national financial hubs and the growing pools of talent.
Miles Celic OBE, Chief Executive Officer, TheCityUK, said, “Financial and related professional services are a national strategic asset and have a central role to play in delivering growth – as is reflected in the recently launched Modern Industrial Strategy. The industry is a vital contributor to the economy, providing well-paid jobs and supporting the financial needs of people across every region and nation of the country. We urge the government and political leaders across the UK to work hand in glove with the industry so that, together, we can turbocharge local growth and renewal.”
Growth and high-value jobs created by regional and national powerhouses
Beyond London, major centres of industry employment include Manchester, Birmingham, Edinburgh, Bristol, Leeds, Cardiff, and Belfast – each hosting over 20,000 jobs. Twenty-one towns and cities across the UK have more than 10,000 people employed in the industry, with 26 cities employing over 5,000 people in financial and related professional services. Greater Manchester and the West of England recorded the highest concentration of industry jobs among combined authorities, each with financial and related professional services accounting for 10% of total local employment.
The report highlights particularly strong decade-long industry employment growth in Northern Ireland (3.8%), the West Midlands (3.4%), and the North West (3.2%). The North West, now the second largest region for industry employment after London, hosts almost 300,000 jobs.
Financial services continue to offer high-quality, well-paid jobs, with average annual earnings nearly double the UK average in 2023 (£69,474 versus £35,395).
Although London remains a global hub for international wholesale financial services and related professional services, with 902,000 people employed and a contribution of £139.5bn (or 26.2%) to the capital’s total GVA in 2023, over half of the industry’s national GVA is now generated outside the capital. Substantial industry contributions to GVA were made by the South East (£25.9bn), the North West (£23.6bn), and Scotland (£17.7bn).
TheCityUK’s report also sets out a practical policy framework to build on this success and enable the industry to further drive growth across the country. Its recommendations include:
- Ensuring that the new Strategic Investment Opportunities Unit in the Office for Investment is built on a real and close partnership with the private sector, including, where appropriate, with the use of secondees and other industry experts.
- Stimulating local growth by continuing work towards a devolution settlement across all English regions and sensible alignment with the UK nations, while creating a new Leadership Academy to gather expertise.
- Developing pipelines of local talent by ensuring Skills England works closely with businesses, including on a more flexible Growth and Skills Levy.
- Delivering on the government’s proposal to reform the planning system to encourage growth-enabling infrastructure through greater efficiency, predictability, and resource allocation.
ENDS