Productivity in Welsh financial services sector double that for the economy

Productivity per worker in the financial services sector is nearly twice as high in Wales as for the economy as a whole, new research from TheCityUK shows.

The report from the lobbying body for the UK’s financial and related professional services industry, Enabling Growth Across the UK, examines the total contribution the industry and its composite sectors make to the UK’s nations, regions, towns, and cities.

It shows of the 2.3 million people in industry employment – 1 in 14 British jobs – two-thirds of these are based outside London.

Productivity per worker for the financial services sector in Wales is £91,424, compared to the £47,594 for the economy as a whole. This is in line with the UK as a whole.

Some 69,000 people in Wales are employed in the financial and related professional services industry. Beyond Cardiff, Swansea is also a major financial hub.

The industry is responsible for 6% of Welsh gross value added and 5.2% of employment.

The most active companies include Deloitte, Eversheds Sutherland, KPMG and PwC, in addition to a wave of fintech start-ups.

The report says Wales has a growing reputation for providing high- quality professional services and support functions, with particular expertise in asset finance, fund administration, mortgage administration, taxation, securities trading, insurance, legal services, IT support, shared-service centres and business process outsourcing.

In Cardiff, more than 30% of industry employees work in the insurance sector. Legal services are another sector that employs a large part of the industry workforce, with more than 20% of total industry employment.

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Dr Nicola Bannister, TheCityUK chairman for Cardiff, said: “Our industry makes a significant contribution to Wales – through the people we employ, and to the customers and communities we support and serve.

“We want to see our industry continue to grow in Wales – creating the high-skill, high-wage jobs which are needed to boost productivity and prosperity.

“To do this, it’s essential to work with government, educators, and others to make sure we have the infrastructure in place, that we are nurturing our talent, and building upon the already compelling competitive offer Wales can make to investors.”

Miles Celic, chief executive, TheCityUK, said: “This industry is a significant employer, providing excellent local employment and career opportunities.

“As part of our strategy to return the UK to being the number-one international financial centre in the world, we want to increase private and public investment in regional skills and infrastructure and further boost our successful clusters of financial and related professional services expertise. It is through playing to our national strengths that the Prime Minister’s ambition of a high-skill, high-wage, high-productivity economy can be realised.”

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