Ahead of the mayoral elections across the North East 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 the North East and the Tees Valley, 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 are focused on up-skilling and re-skilling in productivity-enhancing areas.
- Driving prosperity – working closely with central government to boost investment opportunities to improve transport and digital infrastructure. A strategy should also be developed to provide businesses and potential investors in the region with clarity on how they can engage with the Combined Authority.
Jerry Arneja, TheCityUK Chair in the North East, said: “Financial and related professional services are a major contributor to our regional economy. However, there is more to be done to ensure the sector reaches its full potential in boosting local productivity, as well as providing well-paid, high-quality jobs, helping people to buy a home, and save for the future. It is vital that the elected mayors in the North East and Tees Valley are focused on working closely with businesses to advance this important agenda.”
According to the TheCityUK’s ‘Enabling growth across the UK 2023’ report, the North East is a vital hub for financial and related professional services:
- The financial and related professional services industry in the North East employs a total of 56,000 people and generates 6.3% of the regional Gross Value Added (GVA).
- The North East boasts a strong and diverse financial, professional and business services sector and is home to leading regional companies in law and finance and specialist consultancies supporting key areas of opportunity such as offshore energy.
- Newcastle is the leading financial and related professional services centre in the region, which is particularly noted for its banking, legal and management consulting services.
- Newcastle has a high job density, with nearly 16,000 people employed in the industry, accounting for almost one-third of the North East’s employment in financial and related professional services.
- Businesses in the Tees Valley region, including Middlesborough and Stockton-on-Tees, are closely integrated with the leading financial centre in the wider North East.
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