Ahead of the mayoral elections in Greater Manchester 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 Greater Manchester, 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 Greater Manchester. The strategy should also include providing clear guidance for engagement between government and industry.
Lyndsey Fallon, TheCityUK Chair in the North West, said: "Financial and related professional services in Greater Manchester play a significant role in creating jobs and driving growth and prosperity across the North West region. The quality of the region’s infrastructure and access to talent have made it an attractive location for firms serving an international client base. However, to fully unlock this potential, there’s more to be done to ensure that those starting out in their careers have the right and best opportunities to thrive in the region. Whoever wins the mayoral election must prioritise close collaboration with businesses to deliver on this critical agenda.”
According to the TheCityUK’s ‘Enabling growth across the UK 2023’ report, Greater Manchester is a vital hub for financial and related professional services:
- The Greater Manchester metropolitan area is an important financial hub in the North West, employing 141,000 people.
- The industry in the city of Manchester alone contributes 22.3% to the city’s Gross Value Added (GVA) and accounts for almost one fifth of total industry employment in the North West.
- Businesses operate near new media and political hubs represented by MediaCityUK and the office of the metro mayor within the Greater Manchester Combined Authority.
- The local economy has also benefited from private sector investment agencies, such as MIDAS, Manchester’s inward investment agency, which has helped to attract a number of companies to the city region.
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