GROWTH within the north's financial industry is outstripping London, according to new research.
A report from TheCityUK has revealed that financial and related professional services employment in Northern Ireland increased by 2,000 between 2016 and 2017 - a jump of 6.1 per cent.
This contrasts with a reduction of 10,000 jobs in London (1.3 per cent) during the same period, while the south east of England shelved 32,000 positions over the year - 11.4 per cent of the workforce in the sector.
The financial and related professional services industry in the north provides jobs for 35,000 people in Northern Ireland, accounting for almost 4.7 per cent of overall employment, while locally-based companies generate a combined turnover of £2.4 billion, 6 per cent of GVA.
Growth in the industry is being driven by Belfast, which employs over half (19,446) of the workforce in the north and generates 10.5 per cent of the city's GVA.
Miles Celic, chief executive officer, at TheCityUK, said Northern Ireland plays a key role in the success of the UK's financial industry.
"London is central to the UK’s strong position, but it is clear that the many thriving regional and national centres are an essential part of its success – Northern Ireland being a particular case in point," he said.
Leigh Meyer, managing director of Citi Belfast and TheCityUK chair for Belfast added:
“In Belfast we have been working closely with our industry peers, local government and the education sector to support continued economic growth and renew the focus on investment. A key priority for the industry is to establish stronger relationships with local communities to tap into underused talent pools and promote career pathways within Belfast’s growing ecosystem.”
As part of the ‘Enabling growth across the UK 2019’ report, 15 policy recommendations were outlined to help bolster the industry's future success. Among them is a
focus on continued collaboration between industry, regulators, and local policymakers to ensure that the business environment continues to support industry and UK competitiveness.
