Leeds FInancial Services Initiative (LFSI)
Leeds – Centre of financial and legal excellence
Leeds is the foremost UK centre outside London for financial and professional services, is widely recognised as the financial capital of the North and plays a significant role in the overall UK financial services industry.
Leeds has achieved a critical mass of financial institutions and professional expertise and is now the regional or northern centre for many organisations which have been able to attract high calibre professional staff. The sector offers a depth of expertise and breadth of provision that exceeds other regional centres.
On the back of a strong local market, the financial and legal community now attracts business nationally and internationally. The growth of Leeds as the UK's second busiest legal centre has also added substantially to the sector's ability to handle corporate business which in the past was sourced in London.
Key Economic Facts on Leeds
• One of the most successful local economies in England and one of the fastest employment growth rates of any major UK city.
• Financial and business services in Leeds employ 124,000 people, the largest number of any city outside of London.
• The sector is a major driver of economic growth for the city and the wider region, with a 34 percent job growth since 1998. 298,000 are employed in the Leeds city region.
• The sector accounts for over 34% (£5.6bn) of Leeds` GDP which is forecast to rise by a third by 2015.
• Over £3.5bn of commercial investment projects completed and currently underway with a further £7.8bn in the pipeline
• Leeds is the regional capital of Yorkshire and the Humber which has a population of 5m, similar to Scotland or Denmark
• Leeds is one of Europe’s top ten business locations for availability and value for money office space( European Cities Monitor).
"Leeds is England's number one centre for financial services outside London.”
Lord Mayor of the City of London.
“Leeds has a sophisticated and highly competitive legal market, second only to London….” The UK Legal 500
• Leeds has over 30 national and international banks, many of whose northern or regional offices are based in the city and is also the HQ for First Direct and is home to Yorkshire Bank and large HBOS and Royal Bank of Scotland operations.
• Leeds has become a major centre for consumer financial services including direct banking, insurance, home finance and related financial services such as credit and outsourced management services. First Direct, UKI Partnerships, Direct Line, HBoS, GE Capital & Finance, Barclays Mortgage, Leeds Building Society and Alliance & Leicester have large operations in the city.
• The wider city region has seen a 32% job growth since 1998 and now 298,000 are employed in the financial and business services sector. Major firms in the city region include HBoS, Aviva, Abbey, Bradford and Bingley, Provident Financial and Yorkshire and Skipton Building Societies.
• A wealth of expertise and critical mass in corporate finance and professional services. Gone are the days when deals of any size had to be advised and funded through London. Now flotations, IPOs, AIM Listings, Take Privates, MBOs, MBIs and M&A activity are routinely handled by Leeds advisers with funding arranged locally and elsewhere.
• Most important legal centre outside London (Legal 500) and major centre for accountancy, banking, non-life insurance, building society and home finance, stock broking, venture capital, corporate and retail financial services.
• Leeds’ law firms grew and merged in the 1990s, expanding nationally and more recently internationally, establishing Leeds as centre of expertise in number of key areas, e.g. corporate finance, PPP and PFI work, and making the city the largest legal market outside of London.
• Over 20 top national and international accountancy firms have their regional or North East offices based in Leeds and there is a large range of middle tier advisers.
• The city is an important centre for both the region and the North of England for equity, venture and risk finance for business.
• Leeds financial and professional firms have expanded nationally and internationally and act for clients all over the world. 87% are represented or have links overseas in over 30 countries including all the major markets.
• A contributory factor in the city region’s success and attraction as a financial services cluster is the availability of a skilled and educated work force, good transport networks, first class office accommodation and a high quality of life.
• The sector has a world class business education infrastructure with six universities in the city region including four business / management schools. Leeds is host to the regions financial services skills academy.
For further information contact: Leeds Financial Services Initiative, 53 The Calls. Leeds LS2 7EY. Tel: 0113 247 4689. Email: lfsi@leeds.gov.uk, www.leedsfinancial.co.uk