London is the UK’s top hub for finance and related businesses, however jobs in these sectors are actually growing faster in Norfolk than what they are in London. This isn’t to say that Norfolk is on its way to becoming the new London, but there is certainly progress in the job sector.
According to a study, the amount of people working in finance and related industries has grown faster in the East of England than what it has in London over the past year.
TheCityUK supports job creation and aims to ensure long-term economic growth. They have carried out and evaluated a study which demonstrates that the number of individuals working in these industries, in the East of England region, soared by 7.1% from 155,000 to 166,000, compared to London’s growth of 5.2%.
This research completed by TheCityUK finds that 13,255 of people working in finance and professional services are based in Norwich and 7,675 in Ipswich. From these, insurance tended to be the most predominant sector in both locations.
The ‘Enabling Growth Across the UK 2018’ report states:
“Norwich is home to leading financial services firms in the insurance sector and to an education centre incorporating a financial services-focused National Skills Academy. Norwich is one of the largest general insurance markets outside London. Other major employers in the region include Marsh, HSBC, RBS and Barclays.”
This report also affirms that in the East of England region, the financial and professional services industry has contributed £9.9bn to the regional economy in 2016, exaggerating just how well these industries are doing.
It has been found that one in 14 people in the United Kingdom are estimated to be employed through ‘City Jobs’ in financial and related professional services and although one third of jobs are still based in London, regional clusters are definitely on the rise.