UK financial services touted worldwide, but Yorkshire and the Northern Powerhouse oust London as stars of the show

 
Hayley Kirton
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Yorkshire will be promoted as a financial services powerhouse to global investors (Source: Getty)

The City of London may be known for its financial prowess but, as government gears up to promote the financial services sector worldwide, it's Yorkshire, not the capital, that is taking the starring role.

UK Trade and Investment (UKTI) is adding Yorkshire to its Financial Centres of Excellence initiative, which is designed to promote UK financial services to global investors.

James Wharton, minister for the Northern Powerhouse, who officially launched the initiative at an event last Friday, said:

"The financial services sector in the UK goes far beyond London and has a powerful presence in the north of England as well. This initiative is a great way of promoting the fantastic advantages of Yorkshire to financial services companies throughout the world.

"We will continue to work with local leaders and the business community to make the Northern Powerhouse even more of a magnet to the financial services sector."

Read more: Heathrow would "supercharge" northern powerhouse

As home to more than 30 national and international banks, more than 400,000 people are employed by the financial services industry across the northern county, while the sector itself is expected to grow by up to 21 per cent by 2022.

Chris Cummings, chief executive of finance industry champion TheCityUK, added:

"Strong regional financial centres not only deepen the talent pool of skilled workers and benefit regional economies; they also boost the international appeal of London as a place to do business by offering growth opportunities for overseas firms to expand their operations."

Read more: How the Northern Powerhouse could boost SMEs

Government has been keen to invest in the Northern Powerhouse as late. In last November's Autumn Statement, chancellor George Osborne earmarked a £400m investment fund to help small businesses up North grow, including £150m to put towards an Oyster card-style ticketing system for public transport.

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