Cardiff emerges as a financial and professional services powerhouse

Cardiff emerges as a financial and professional services powerhouse

Cardiff is rapidly becoming one of the leading financial centres outside of London, according to new data published by TheCityUK.

The figures show how the city has made strides in becoming one of the UK’s most competitive locations for financial and professional services, following substantial inward investment in property, transport and technology which has created a successful business hub.

Home to a number of leading financial and professional services firms such as Deloitte, Admiral and Lloyds Bank.

Cardiff also has one of the most robust talent pipelines in the country, with a report from Deloitte and the Welsh Government finding more students per capita graduating in a related subject than any other major city in the UK.

The Welsh capital also has one of the highest concentrations of employees in the sector, with 10% of all workers employed directly or in a related role.

These employees now contribute almost £1.2 billion to the UK’s economy, reinforcing Cardiff’s status as an emerging powerhouse in the financial and professional services industry.

This is also higher than the contribution made by the sector in cities such as Sheffield (£1 billion) Liverpool (£917 million), and Aberdeen (£867 million).

As a whole, financial and professional services in Wales contributed £3 billion gross added value (GVA) to the UK economy in 2015.

The city also consistently ranks as one of the best in the UK for quality of life, with its lower cost of living, world-class universities and vibrant culture all contributing to this accolade. 

Miles Celic, Chief Executive of TheCityUK, said: “The financial and related professional services industry has become a major employer in Wales accounting directly for over 56,000 jobs and delivering huge value to the Welsh economy.

“Many businesses that come to Britain may first put down roots in London, but then they expand their operations across the country, to cities like Cardiff and Swansea, creating a deeper talent pool of skilled workers that benefits local and national businesses.

“In turn, strong regional financial centres like those in Wales boost the attractiveness of London as a global financial centre. Maintaining and supporting this positive ecosystem is critical to ensuring the UK remains a world-leading place to do business.”