Document Abstract

London links: the geography of financial services in the capital and beyond

Investigates the role of the financial services sector and related professional services in British cities and investigates the links that these activities have with London. Draws on data from HMRC, ONS (Regional Gross Value Added (Balanced) by Local Authority in the UK), NOMIS and the 2011 Census. Looks at the contribution financial services and related professional services industries make to exports, jobs and productivity across British cities. Shows that the sector plays an important role in many cities, for example in Edinburgh financial services account for 56% of exports and 18% of private sector jobs. Finds that London has the most productive financial services sector, producing £146,800 for every worker in 2016, followed by cities to the west and north (Slough on £112,000 and Oxford on £117,600) and Scotland (Edinburgh, £111,000). Explores the links that London’s financial and associated professional firms have to jobs in other cities across Britain. Finds that: the links that the jobs in these sectors have with London-headquartered businesses are significant – in total, all London-headquartered businesses accounted for 1.9 million jobs elsewhere in Britain in 2017, with just over one million being in cities; and over half of finance and related professional services jobs in cities were high skilled – suggesting that London finance and professional firms play an important role in providing high skilled employment in other cities. Highlights variations London’s links to the core cities.

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Publication information

Author:
Breach, Anthony; Piazza , Gabriele
Year:
2018
Pages:
19
Ref No:
B51285
Source:
Centre for Cities

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