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Bristol named financial centre of excellence
UK Trade and Investment (UKTI) has been in Bristol – minus economic secretary to the Treasury Harriet Baldwin, detained in London by the major Cabinet reshuffle – to position the South West as one of nine financial centres of excellence in the UK.
It is hoped that the nomination with ensure the region’s continued attractiveness for investment, especially post-Brexit.
The associated report highlights the region’s strengths and reputation for attracting major financial and professional services firms such as RBS, Lloyds, Hargreaves Landsdown, Triodos Bank, Axa and Bank of Ireland, which was one of the first major banks to establish roots in the city following the purchase of Bristol and West Building society in 1997. It also underlines the growing fintech, data services and cyber security expertise which plays a major role in positioning the UK as a world leader in the field.
Chair of the West of England Local Enterprise Partnership Stephen Robertson said: “We are very pleased that the region’s financial services sector has been identified as a leading destination for global investment and a key driver of the UK economy – major players have chosen to position their headquarters here [as well as] new innovative companies such as MMI Holdings which operates a 120-person fintech lab in Bristol.”
Companies come here because we have access to the right skills, infrastructure and business networks, and this report offers a great platform to build our reputation further in key international markets.”
Chief executive of TheCityUK Chris Cummings, said, “Bristol and the South West has a thriving financial and related professional services industry. In Bristol alone, it employs around 35,500 people, and across the region over 162,000 people work in the industry. While international firms may establish their headquarters in London, many look for opportunities to expand their operations across the UK, deepening the talent pool of skilled workers and further strengthening regional hubs.”
The South West’s financial services sector contributes over £12.6bn to the economy, and lends over £10.9bn to the UK’s SMEs.
Read more: Sector spotlight: financial services
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