Ahead of the mayoral elections in the East Midlands on 2 May, TheCityUK is calling on all candidates to commit to practical and effective measures that will drive growth across the region and unleash the full potential of financial and related professional services to support that agenda.
In its manifesto for the East Midlands, TheCityUK sets out three key areas where the metro mayor can make meaningful changes, enabling the industry to drive even greater growth across the local economy:
- Engaging the industry – working closely with the financial and related professional services industry to develop a comprehensive and measurable economic growth strategy for the region.
- Focusing on people and skills – using their convening power to ensure that Local Skills Improvement Plans reflect the regional economy’s needs and supports the broader growth strategy.
- Driving prosperity – the elected metro mayor should work closely with central government to boost investment in improved transport infrastructure and strategy for smoother movement of people and goods and attracting more investment to the East Midlands. The strategy should also include providing clear guidance for engagement between government and industry.
Sandra Wallace CBE, TheCityUK Chair in the Midlands, said: "Financial and related professional services play a pivotal role in the East Midlands, creating well-paid jobs and supporting people to save, invest, and manage risk, as well as enabling growth across the wider region. Prioritising investment in skills has enhanced the region’s skills base over the past decade, but there’s more that can be done in this area and others to boost growth across the region. Whoever wins the mayoral election should seek to work closely with businesses to deliver on this critical agenda.”
According to the TheCityUK’s ‘Enabling growth across the UK 2023’ report, the East Midlands is a vital hub for financial and related professional services:
- Approximately 112,000 people in the East Midlands work in financial and related professional services, representing 5.1% of the region’s workforce.
- The industry contributed over £6.2bn to the local economy, accounting for 5.3% of regional Gross Value Added (GVA).
- The region has a strong historical presence in banking, accounting, and management consultancy services, with 40% of the region’s total financial and related professional services GVA coming from banking. Recent years have also seen growth in areas such as insolvency law, public-private partnerships, and corporate finance.
- Key cities and towns for financial and related professional services employment include Nottingham with 13,055 people, followed by Northampton (12,950), Leicester (11,475), and Derby (7,220). Together these four cities and towns account for nearly four in 10 of all financial and related professional services employment in the East Midlands.
- The industry in Northampton accounts for around 13.7% of the city’s GVA, while in Nottingham, Leicester, and Derby it contributes 9.7%, 7.2%, and 4.4%, respectively.
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