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December 2016

TheCityUK reveals Manchester’s share of UK financial and professional services industry

Categories: Banking and Financial Services

Related sectors

Financial, Professional & Business Services

The scale of Greater Manchester’s contribution to the UK’s financial and professional services sector is revealed in the latest research by industry-led body TheCityUK.

According to figures for 2016, almost 2.3 million people worked in financial and related professional services across the UK, representing around 7.4% of the working population, or approximately one in every 14 jobs. The sector contributed £174bn to the UK economy, 10 per cent of total gross value added.

The total GVA for the financial and professional services industry in the North West was £12,683m, or 7.6 per cent of the region’s GVA.

With 250,000 people working in the sector, the North West saw the largest rise in percentage terms in employment growth in financial and related professional services of any UK region or nation in 2016, at 13.6%.

TheCityUk report, Enabling Growth Across The UK 2018, states that the North West “is a particular centre of excellence for banking, general insurance, management consulting and accountancy,” and that “Manchester remains at the heart of the industry, accounting for one fifth of industry employment in the region.”

It adds that “After London, Manchester is the UK’s biggest legal services centre and largest management consultancy centre.”

The report states that in 2016, 51,945 people (14.1% of all employment) were employed in the financial and related professional services in Manchester; with 7,110 in Salford (11.2%); 6,930 in Stockport (10.3%) and 5,895 in Bolton (9.5%).

The respective Gross Value Added (GVA) for those areas was, Manchester: £2,668m; Salford: £481m; Bolton: £352m; and Bolton: £352m.

Richard Bell, The CityUK City Chair for Greater Manchester, and Practice Managing Partner for Deloitte in the North West, said: “Greater Manchester and the North West has a hugely diverse financial and related professional services offering.

“Here we are seeing a rapidly-growing ecosystem encompassing business, media, politics and academia. Increasingly our centre in Manchester is regarded as a truly global hub, and we need to ensure that new infrastructure – specifically transport and housing – matches this growth.”

For more information, view the full report here

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