New analysis by the City of London Corporation reveals that the financial and professional services sector employs nearly 2.5 million people nationwide. A significant portion of these roles, two-thirds, are based outside London, supporting over 1.5 million regional jobs.
The analysis indicates that the sector supports employment in every parliamentary constituency. For example, Manchester Central has approximately 51,000 jobs in the sector, while Birmingham Ladywood has 43,000, and Swindon South has more than 10,000. Across constituencies represented by Cabinet ministers alone, over 126,000 jobs are supported.
Chris Hayward, policy chairman of the City of London Corporation, emphasised that the success of the City benefits the entire country and that growth in London and the regions is not a zero-sum game. The Corporation is advocating for tax simplification to reduce compliance costs for businesses and a pathway to reform taxation on UK equities, including the removal of stamp duty on share trading, to improve investment conditions and boost competitiveness.