North East employs 128,000 people in Financial Services, generating £10bn for UK economy.

Yorkshire’s contribution to the UK’s financial services industry was hailed today by Economic Secretary Harriett Baldwin in a visit to Leeds.

The city and wider area employs 128,000 people in the Financial Services sector generating billions of pounds for the UK economy in a fast growing marketplace.

Baldwin said:

Leeds is an important financial services centre in its own right, it is the UK’s second largest banking hub after London. It supports 40,000 jobs and is central to the local and wider UK economy.

Chris Cummings, Chief Executive of TheCityUK meeting Baldwin later today said:

Too many people think that financial services are simply about London, but two-thirds of the jobs in our sector are outside the M25, and 128,000 of them are in Yorkshire. These are high skilled, well paid jobs, in an industry that is expanding in the UK. Leeds has much to be proud about as a centre for banking, home of the building society movement.

The government has promised to deliver 3 million new apprenticeships in this parliament. Baldwin will be visiting Leeds City Credit Union which has taken on a whopping 100 of those in 5 years.