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Talent in the Northern Powerhouse

22/03/16

Centuries ago the North was key to the industrial revolution that shaped Britain’s economic destiny, with mills, mines and steelworks providing a living to hundreds of thousands of workers.  The highly international and liberal markets of the late 20th century made it difficult for the North to remain competitive as a manufacturing base, and the focal point of the British economy shifted towards the City as heavy industry moved offshore.

Financial services are absolutely central to our modern economy, and while London is currently the capital of capital, Northern Powerhouse minister James Wharton says the North of England could play a major and growing role in the UK’s financial services industry. This follows extensive investment in the region, including the strengthening of transport connections, and the establishment of a £400 million Northern Powerhouse Investment Fund for small and medium enterprises.

The North is already a popular destination for the industry. Insurance giant Aviva is headquartered in York, Manchester’s new Spinningfields development has attracted the likes of RBS, and Leeds has the UK’s second largest financial services industry outside the UK. With investment in the region gathering pace, and the cost of London making banks and others look to move jobs out of the capital, it is a safe bet that the only way is up for finance in the North.

Pay and conditions in the North are good for finance professionals too; Marks Sattin’s latest market insight reveals that finance heads typically  take home at least £70,000 a year, rising to £100-£160,000 for chief financial officers.

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