Financial and related professional services play a pivotal role across the UK economy. While the UK is host to a leading international financial centre, this report makes clear that financial and related professional services are of significant benefit not just to London and the South East, but to local economies right across the UK.
As well as providing support functions that underpin all sectors, financial and related professional services are a major contributor to growth and employment in their own right. The industry employs two million people in the UK, representing 7% of total employment, two thirds of whom work outside London. On average, these employees contribute £83,000 per year to the economy – 70% more than the average for other industries – and they are typically younger than those working in other sectors.
This report examines the significant economic contribution that the industry makes to local economies throughout the UK. Taking each region and nation in turn, it explores the spread of employment and
gross value added and looks at how industry functions are spread across the country. The case studies illustrate the reasons that companies have for locating their operations beyond the traditional centre of the City of London and the factors for the success of other towns and cities; they also tell the personal stories of apprentices and graduates who have been given a head start by the industry, and of firms in the wider economy that have been supported by the industry.
As this report makes clear, financial and related professional services truly add value and create employment and opportunity across the UK and its economy.