In a speech delivered at Bank of America Merrill Lynch, the Economic Secretary highlighted the important role that financial services in the North West play in rebalancing the economy.
The North West has a fantastic and growing reputation for financial services. It hosts a booming cluster of financial, accounting, legal and management consulting firms with its offer of a highly-skilled talent pool and low-cost base.
The industry directly employs 98,000 people, with a further 137,000 working in associated professional services. In 2014 it added over £8 billion to the region’s economy.
Giants of international banking, Bank of America and BNY Mellon, have chosen to base significant operations in Chester and Manchester, while historic companies like Rathbones and the Co-operative Bank trace their roots back to the North West. The region also continues its excellence in the associated professional services sector, hosting major names like PwC, EY and Deloitte.
The Economic Secretary visited Chester to showcase how smaller cities in the North play an essential role in the success of the UK’s economy.
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The Economic Secretary to the Treasury, Harriett Baldwin, said:
“The financial services industry in the North West is going from strength to strength and is crucial to the success of the Northern Powerhouse. It makes an important contribution to the local economy and employs around 98,000 people with a further 137,000 in related professional services.”