A report for Irwin Mitchell
Making Business Sense
Focus on Financial Services in the UK Between 2013 and 2016, the financial and insurance services industry created over 260,000 new jobs – but the sector is facing significant challenges as a result of the Brexit vote. That’s the conclusion of the latest UK Powerhouse report by Irwin Mitchell and the Centre for Economic & Business Research (Cebr) – the most up-to-date examination of the strength of city economies. Download our City Growth Tracker report at www.irwinmitchell.com/ukpowerhouse
FINANCIAL SERVICES AROUND THE UK Edinburgh Second largest financial centre in the UK; HQ of The Royal Bank of Scotland Group plc, Standard Life plc and TSB Bank plc
Glasgow HQ of CYBG plc
Leeds Boosted output by 40%; HQ of five of the UK’s largest building societies
Manchester Second biggest employer in the sector; HQ of The Co-operative Bank plc
Birmingham HQ of HSBC Bank plc
Bristol
Sheffield Expanded 28% from 2012 to 2015; offices of Investec Wealth & Investment Ltd
Swindon Value of sector increased by ÂŁ50m from 2012 to 2015; HQ of Nationwide Building Society
Employment grew by over 10,000 from 2013 to 2016; HQ of Hargreaves Lansdown plc
Bournemouth J.P. Morgan & Co. is largest private sector employer in Dorset
London Responsible for over half of all industry output
Making Business Sense
Andrew Watson
Partner T: +44 (0)207 421 3965 M: +44 (0)7885 223 148 E: andrew.watson@irwinmitchell.com
“In 2016, the financial and insurance services sector contributed over £124 billion in output to the national economy but it is facing some significant challenges, including the loss of passporting, which is almost certain to happen. The loss of freedom of movement upon leaving the single market could limit the availability of skilled European labour and significantly hamper the UK’s financial sector, in particular the fintech sub sector.”
3%
% OF JOBS In 2016, over 3% of all jobs in Britain were in the finance and insurance sector, with a million jobs in total
The top ten fastest cities in the sector generated £2.1bn of additional GVA between 2012 and 2015
Manchester is the second biggest employer in the sector behind London
LONDON London employed 1,394,000 people in the Banking, Finance & Insurance sector in 2016
LEEDS
£2.1bn
FASTEST CITIES
2nd
MANCHESTER
1.4 Million
In 2016, financial and insurance services contributed over £124bn in output to the national economy, representing 7% of total UK GVA
£124bn
TOTAL UK GVA
Leeds added 21,300 jobs in the sector between 2013 and 2016 and boosted output by 40%
21,300 A report for Irwin Mitchell
A report for Irwin Mitchell
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