Big employers and public sector pledge support for financial and professional skills in Yorkshire and the Humber

The sector is a success story for Yorkshire and the Humber’s economy, generating £11.8 billion and employing nearly 150,000 people.

The Yorkshire and the Humber Financial and Professional Services Skills Commission was set up in March 2023, to identify the skills needed and ensure they continue to be met.

Yorkshire Building Society, one of the founding members, hosted a meeting of employers, policy makers and educators at their Leeds office, aimed at taking forward the Commission’s recommendations, published last year.

Discussions centred around improving collaboration, supporting employers, helping underrepresented groups to pursue careers in the sector and strengthening education and training so it betters aligns with industry needs.

Commission chair John Heaps said: “The financial and professional services sector is a real jewel in this region’s crown and has great potential for significant growth over the next few years.

“The meeting, hosted and supported by Yorkshire Building Society, brought together key stakeholders and provided crucial input for the development of the combined authority’s local growth plan.

“The energy and ideas in the room showed that partners remain committed and determined to take forward the Commission’s recommendations and drive sustainable growth in our sector for the future.”

Annemarie Durbin, Chair of Yorkshire Building Society, who also attended the meeting, said: “It’s inspiring to see how committed the regional employers, policy makers and educators are as they work together, through the Commission, to create an environment where the future skills needed for Yorkshire and the Humber to remain a vibrant regional financial and professional services hub will be built.

“By continuing to connect and collaborate we can shape a future where there is a consistent pipeline of new and developed talent that will support investment into the region’s growth and prosperity.”

Ben Still, chief executive of West Yorkshire Combined Authority, said: “I very much value being a part of this commission, because bringing the public and the private sector together is absolutely critical for us to develop the policies in our Local Growth Plans that will make a real difference on the ground.

“As the proud home of the Financial Conduct Authority, the National Wealth Fund, the Bank of England’s Northern outpost, and almost 30,000 financial and professional services companies, this sector is vital to our region’s success and we’re committed to helping it grow and succeed.”

The meeting was attended by senior representatives of organisations including Aviva, Deloitte, KPMG, PwC, Santander, West Yorkshire Combined Authority and the City of London Corporation.

Yorkshire and the Humber is home to major law firms, the ‘big four’ accountancy companies, multinational banks, three of the UK’s biggest building societies and a growing FinTech sector. In addition, institutions such as the Bank of England, the Financial Conduct Authority and the new UK Infrastructure Bank all have bases in Leeds.

The Commission found that reducing skills gaps, combined with the effects of automation, could add over £1bn in output in Yorkshire and the Humber by 2038.

With two in three financial and professional services jobs already based outside London, the Commission aims to cement Yorkshire and the Humber as the UK’s second hub for financial and professional services.