More than two-thirds of financial and related professional services jobs are outside London. However, increased automation is leading to declines in financial services employment in some regions and uncertainty surrounding the terms of Brexit could amplify that trend.
Attracting and retaining the next wave of off-shoring activities will be critical to supporting jobs in the UK. We should be more aggressive about building the skills that financial and related professional services firms are looking for, and create strong, connected regional centres with clear specialist capabilities and expertise:
Reinforce the value proposition of UK regional clusters
Educational institutions such as universities and colleges, as well as Local Enterprise Partnerships and firms, must co-operate at scale to identify and act on the next wave of opportunities to grow regional employment. A clearer UK-wide proposition for financial and related professional services firms should be a priority, as should identifying regional expertise, particularly in relation to technology.
Accelerate efforts to build a local capabilities pipeline to support UK regional clusters, growth and jobs outside London
Regional centres need local capabilities to support innovation, growth and job creation. Collaboration with colleges and universities should be scaled up to develop local talent pipelines for specialist skills.