Yorkshire: Almost 150,000 people work in financial and professional services in county

Leeds remains an important regional centre for the industry, employing more than 42,000 people and contributing almost £6.2bn to the city’s GVA, the report said.

It added: “Home to major operations for all ‘Big Four’ accountancy firms (Deloitte, EY, KPMG and PwC), Leeds also plays host to several global law firms, as well as the headquarters of three of the UK’s five largest building societies. It is also central to the UK’s FinTech ecosystem through FinTech North, a body acknowledged by the 2021 Kalifa Review as one of the UK’s top FinTech hubs, which has regional strengths in green finance, RegTech and digital payments.

“Significant industry clusters are emerging across the region, with the industry employing thousands of people in Sheffield (19,290 jobs), Halifax (7,610), Bradford (8,385) and York (7,000).

"Halifax stands out, with the financial and related professional services industry accounting for 17.5 per cent of its employment, the highest concentration in the region.”

The industry benefits from several top-ranked universities and business schools located in Yorkshire but is working to tap into underused talent pools through apprenticeships and promoting career paths in the industry, TheCityUK.

John Walsh, TheCityUK Chair in Yorkshire and The Humber, said, “Yorkshire and the Humber is at the heart of the UK’s financial and related professional services industry, home to major players in banking, law, fintech and investment.

"With almost 150,000 people working in the industry, we are proud to help deliver growth and opportunity across the North, from Leeds and Sheffield to Halifax and York.

"Targeted policy action must continue to drive the regional industry’s competitiveness, with measures to connect local businesses to local talent for them to deliver on plans for growth.”

TheCityUK’s report sets out a policy framework to support the industry’s growth across the country, including recommendations to ensure the new Strategic Investment Opportunities Unit in the Office for Investment is built on close partnerships with the private sector, including, where appropriate, using secondees and other industry experts.

It also calls for action to stimulate local growth by continuing work towards a devolution settlement across all English regions and “sensible alignment” with the UK nations, while creating a new Leadership Academy to gather expertise.

TheCityUK’s report believes policymakers must develop pipelines of local talent by ensuring Skills England works closely with businesses, including on the establishment of a more flexible Growth and Skills Levy. It supports delivery of the Government’s proposal to reform the planning system to encourage growth-enabling infrastructure “through greater efficiency, predictability and resource allocation”.