Ahead of the mayoral elections across Yorkshire & The Humber 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 manifestos for West Yorkshire, South Yorkshire, and York and North Yorkshire, TheCityUK sets out three key areas where the metro mayors 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 mayors 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 West Yorkshire, South Yorkshire and York and North Yorkshire. The strategy should also include providing clear guidance for engagement between government and industry.
John Walsh, TheCityUK Chair in Yorkshire & The Humber, said: "The metro mayoral elections across the region present an opportunity for further strengthening the role of financial and related professional services in Yorkshire & The Humber. The industry is already a key driver of growth and prosperity across the region, providing well paid jobs, supporting people in their everyday lives, and contributing significantly to the regional economy. Whoever wins the metro mayoral elections should collaborate with the industry to fully unlock the potential of financial and related professional services to boost long-term growth across the economy.”
According to the TheCityUK’s ‘Enabling growth across the UK 2023’ report, Yorkshire & The Humber is a vital hub for financial and related professional services:
- The financial and related professional services industry employs around 149,000 people and contributes over £11.8bn or 8.9% of the region’s total economic output to the Yorkshire & The Humber’s economy.
- Yorkshire & The Humber as a whole has a significant concentration of activity in banking, accounting and legal services, and management consulting services.
- Leeds is the region’s largest financial centre, employing nearly 40,000 people – more than one quarter of the region’s workforce in the industry, followed by Sheffield.
- Leeds City Region is one of the UK’s largest centres for banking and home to 30 national and international banks.
- Sheffield has more than 21,000 employees in the financial and related professional services industry and GVA of nearly £1.5m.
- York is one of the major centres in Yorkshire & The Humber for financial and related professional services, contributing a Gross Value Added (GVA) of £806 million, or 13% of the regional GVA in 2021.
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