WARRINGTON has grown to become the third largest centre in the North West for financial and professional services jobs according to a new report.
The number of people employed in the industry has grown to 14,755 – one in every eight people (12.6per cent) in the town now work in the sector.
The North West’s financial industry is now the largest outside London and the South East and has become a centre of excellence for banking, insurance and accounting, according to the report from TheCityUK. The region’s financial and related professional services industry employs 239,000 people and contributes £13.6bn in GVA (7.8 per cent of regional output).
The quality of the North West’s infrastructure and access to talent has encouraged local and international investment across a range of sectors within the industry, such as asset and wealth management, management consulting and accountancy. Manchester remains at the heart of the industry, accounting for around one fifth (19.3per cent) of industry employment in the region.
Almost 2.3 million people work in financial and related professional services across the UK, with around two thirds of those employed in the industry working outside London.
TheCityUK outlines 15 policy recommendations to help bolster the industry’s future success right across the country. These focus on continued collaboration between industry, regulators, and local and policymakers to ensure that the business environment continues to support industry and UK competitiveness.
Miles Celic, chief executive officer, TheCityUK, said: “This industry is vital for job creation and driving economic output to all parts of the UK, as well as contributing billions in tax revenue. London is central to the UK’s strong position, but it is clear that the many thriving regional and national centres are an essential part of its success – the North West being a particular case in point. Warrington’s development into one of the region’s leading financial centres has been truly remarkable. It is a national success story which can be replicated in towns across the UK.
“Ensuring the industry’s future as a national asset will require a concerted effort. This includes more regionally focused policies and initiatives, greater focus on developing specialist centres and sectors, a more competitive business environment and enhanced engagement between government and industry.”