Marvin OnumonuFinancial and related professional services created new jobs and boosted the economy across the UK, research from TheCityUK found.
In 2023, almost 2.5 million people worked in the sector, around one in every 13 jobs, with two thirds of these roles based outside London.
The industry contributed £285bn to the UK economy, making up 12.6% of total gross value added (GVA).
Over the past 10 years, the sector saw its workforce grow by more than 326,000, with more than half of those jobs outside the capital.
This showed the sector’s strength in regional and national hubs, with more people moving into the industry across the country.
Miles Celic, CEO at TheCityUK, said: “Financial and related professional services are a national strategic asset and have a central role to play in delivering growth – as is reflected in the recently launched Modern Industrial Strategy.
“The industry is a vital contributor to the economy, providing well-paid jobs and supporting the financial needs of people across every region and nation of the country.
“We urge the government and political leaders across the UK to work hand in glove with the industry so that, together, we can turbocharge local growth and renewal.”
Major employment centres outside London included Manchester, Birmingham, Edinburgh, Bristol, Leeds, Cardiff and Belfast, each with over 20,000 jobs.
21 towns and cities in the UK had more than 10,000 people working in the industry, while 26 cities had over 5,000 people in these roles.
Greater Manchester and the West of England both recorded the highest share of jobs in the sector among combined authorities, with financial and related professional services making up 10% of local employment.
Over the last decade, employment in the sector grew strongly in Northern Ireland (3.8%), the West Midlands (3.4%), and the North West (3.2%).
The North West became the second largest region for industry jobs after London, with almost 300,000 people working in the sector.
Average annual earnings in financial services were nearly double the UK average in 2023, at £69,474 compared to £35,395.
London remained a global hub for international wholesale financial services and related roles, with 902,000 people employed and a £139.5bn contribution, making up 26.2% of the capital’s total GVA.
Over half of the industry’s GVA came from outside London, with significant contributions from the South East (£25.9bn), the North West (£23.6bn), and Scotland (£17.7bn).
TheCityUK report set out a policy framework to help the sector drive further growth, including building the new strategic investment opportunities unit in the office for investment in close partnership with the private sector, encouraging local growth through more devolution, working with Skills England on talent pipelines, and delivering planning reforms to support growth-enabling infrastructure.
