Look outside London to drive City’s growth

first_img whatsapp Tags: NULL Look outside London to drive City’s growth Show Comments ▼ KCS-content whatsapp Sunday 23 January 2011 10:11 pm Share More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comConnecticut man dies after crashing Harley into live bearnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com The government has made clear that its top priority for 2011 is to drive forward growth in the UK economy and to ensure this growth is spread across the country and across a variety of sectors.It could be inferred that such a commitment – shifting the focus away from London and the financial services industry – is bad news for the City.However, anyone with any doubts as to how important a role financial services will play if we are to achieve this ambition should take a closer look at the areas outside of London and what is driving their economies.This is a point that was made clear when I visited Leeds last week. Of the one million people the financial and professional services industry employs throughout the UK, less than a third are based in London and the South East.Leeds is one of the foremost centres for financial services in the UK and was recently ranked among the top 25 cities for business in Europe, ahead of larger, higher profile financial centres such as Rome, Moscow and Athens.With banking and insurance services increasing by 107 per cent between 1997 and 2007, it is clear that the industry will be a key driver of economic growth in this area in the years to come.Only a sophisticated and globally connected financial services industry is capable of delivering the combination of financing British businesses will need if we are to succeed in creating growth based around greater economic diversity.This is the message I took to Leeds when I visited last week to meet with various regional business leaders so I can better represent the industry both at home and abroad.This week, for my first overseas visit of 2011, I am leading a business delegation to Turkey – a country that David Cameron last year stated is “vital for our economy, vital for our security and vital for our politics and diplomacy”.As a vital link between East and West, Turkey is clearly an important business partner for the UK – hence our long-standing support for their accession to the EU.The scale of future opportunities for both countries is enormous. Not only does Turkey boast a tradition of economic stability, but the 10 per cent growth it exhibited during the second quarter of 2010 made it the fastest growing economy in the G20.Working in partnership with financial centres in the UK as well as with our most important overseas partners will help to generate greater economic growth for all, whether they are based in London, in Leeds or in Istanbul.Michael Bear is Lord Mayor of the City of London last_img read more