Greg Wright: Let's bring the City watchdog home to Yorkshire

Many London-based powerbrokers are struggling to command respect among leaders in the UK’s regions, who are demanding the right to take control of their own affairs.

The breakdown in communication which follows is causing long-term harm to Britain as we prepare for Brexit.

Time and again, calls for decisive action from leaders in the UK regions are falling on deaf ears. The Government has failed to bang its fist on the table and demand the North of England receives the transport system it deserves.

But this failure is part of a wider problem. We live in one of the most centrally controlled democracies in the world. Decisions are being taken on our behalf by people who have no understanding of Yorkshire or its needs.

It’s extremely hard for officials in Whitehall to relate to the challenges and opportunities faced by business people in our county.

I often feel that “The North” is regarded as a bleak, homogeneous mass of land which starts somewhere beyond Watford and stretches into infinity.

In Yorkshire, the business community is united in demanding meaningful devolution of powers, so we can become masters of our own destiny.

It makes much more sense for decisions over issues such as transport and investment in digital connectivity to be made closer to home, by people who have a mandate to implement change.

Fortunately, not all London-based institutions are failing to engage with the regions. TheCityUK, the body that bangs the drum for the UK’s financial services sector, is keen to shine the spotlight on the strong talent base that can be found outside London.

The strength of Yorkshire’s talent base was emphasised when I chaired an event organised by TheCityUK, which was held in Leeds.

The event was staged to launch a fascinating and timely report “Enabling Growth Across the UK 2018”. The report is a passionate defence of the financial services sector in places like Yorkshire.

It states that the financial services industry is a national asset. Two thirds of the 2.3 million industry jobs are based outside London.

Miles Celic, Chief Executive Officer, TheCityUK, said, “One in every 14 British jobs are in financial and related professional services. These ‘City jobs’ aren’t just confined to London, they’re in financial clusters all across the UK, in cities such as Leeds, Cardiff, Edinburgh and Manchester.”

So when people think of financial services, why do their thoughts inevitably turn to the City of London?

The reason is simple. That is where the real power lies. But wouldn’t a strategy of dispersing some of this influence around the country be good news for UK plc?

Tom Riordan, the chief executive of Leeds City Council, certainly thinks so. During the debate that accompanied the report’s launch, Tom suggested that more institutions should be moved out of London. This is an excellent idea.

So why don’t we move, say the Financial Conduct Authority (FCA) from London to Yorkshire?

It’s not as far fetched as it sounds. The region has certainly got the talent base in financial services to support the regulator’s requirements.

Many small business owners and consumers feel that the FCA has failed to take a tough enough line with financial services professionals who have behaved badly.

By moving the FCA out of the heart of the City - and ensuring it places the consumer first - the Government could take a giant stride towards ensuring we have the regulatory system we deserve.

The FCA’s offices could be split between a number of sites in Yorkshire. In the post-Brexit world, it will show that there is a thriving skills base in financial services outside London.

A move to Yorkshire would be a fresh start for a regulator which has been criticised for not being sensitive to the concerns of people outside the Square Mile. Some bracing Yorkshire air can help everyone think clearly.