Eight UK ‘centres of excellence’ urged to capitalise on potential of financial services

Eight UK regions are set to receive support in an effort to capitalise on export and investment opportunities for financial services, government ministers have agreed.

Ministers and business leaders across the country met on 31st October to discuss the future of financial services in the last of a series of eight regional events from the south coast to Northern Ireland and Scotland.

Dr Liam Fox, the International Trade Secretary, was joined by ministers from the Treasury, Scotland, Wales and Northern Ireland Office to highlight the potential for the UK’s financial services sector and the opportunities this presents global investors.

Dr Liam Fox said: “Financial services are one of the UK’s big export success stories, and our global reputation is underpinned by the talent and expertise on offer across the country.

“We have a unique opportunity as we open up to new markets, to strengthen this position and grow further. This initiative is key to ensuring that opportunity is available in all our regions as we support our financial centres of excellence.”

At the conference, ministers committed to supporting eight regional ‘centres of excellence’ to capitalise on opportunities for global investment.

The eight regions identified by the Financial Services Organisation (FSO) are: south coast, South West, South Wales, Yorkshire, North West, Midlands, Northern Ireland and Scotland.

The FSO at the Department for International Trade has specialists who can assist financial services businesses on areas including operations, fintech, insurance, professional services, wealth and asset management.

The financial services sector already leads UK exports, with financial and related professional services having the country’s largest export surplus, more than double that of the US, Switzerland or Luxembourg.

The financial services sector currently employs 7% of the country’s workforce and forms 12% of the economy.

Miles Celic, chief executive of TheCityUK, which co-hosted the conference, said: “There are 2.2 million jobs in UK-based financial and related professional services. Two thirds of these are outside the M25, with many of our members employing significant numbers of people in cities and towns across the country.

“Britain’s regions and nations play a huge role in driving innovation and prosperity, each with very specific clusters of expertise which, when taken together, help to make the UK such an attractive place to invest and do business.”