Will financial services drive UK economic growth?
Summary: A foreign policy expert believes the financial services industry is the "jewel in the crown" for the UK economy.
Anybody who keeps up to date on the Markit/CIPS Purchasing Managers' Index will know the UK's economy has been relying a great deal on the services sector of late.
Although manufacturing and construction recovered well in the last quarter, it was the service industry that dragged the country away from a triple-dip recession at the start of the year.
Figures showed that activity in August 2013 rose at its fastest pace since December 2006 and new business growth was at its strongest for more than 16 years.
So, how much of this impressive performance can be directly attributed to the financial services industry?
There is no doubt financial companies have been faring a lot better in recent months, following a torrid few years during the economic recession.
Regulations may have been tightened to ensure another market collapse is avoided, but there is a quiet sense of optimism sweeping through the sector and the future appears bright.
Speaking at the recent New Model Adviser Retreat, US-based foreign policy expert John Hulsman said financial services are the "jewel in the crown" of the UK economy.
There have been suggestions the government is keen to alter the structure of the economy so it is not overly reliant on this particular industry, but Mr Hulsman thinks this cannot be rushed.
"In the medium term, financial services will be absolutely vital and London will continue to be vital," the CityWire-powered news provider quoted him as saying.
"The idea that other regions will pick up the slack is another 20 to 30-year process, if people care about it."
For so long, financial employees have had very little to smile about, with the recession ensuring their jobs remained on a knife edge, but a new study by City & Guilds has shown that people are now far more content.
It compiled a list of the "happiest" professions in the UK for 18 to 25-year-olds and finance and accountancy came in the top ten.
Signup to receive the latest discipline specific articles
Related jobs
Salary:
Equity, Bonus and Benefits
Location:
London
Industry
Healthcare
Qualification
Fully qualified
Market
Executive Search
Salary
£125,000 - £175,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is partnering with a dynamic, PE-backed Multisite Healthcare Services business to recruit a CFO.
Reference
TA3404
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£60,000 - £70,000 per annum
Location:
Basingstoke, Hampshire
Industry
Real Estate
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£70,000 - £80,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Management Accountant 60k - 70k Basingstoke
Reference
BBBH183397
Expiry Date
01/01/01
Author
Ollie PizzeyAuthor
Ollie PizzeySalary:
£225 - £250 per day
Location:
Bradford, West Yorkshire
Industry
Business Services
Qualification
Finalist / Newly qualified
Market
Financial Services
Salary
£250 - £350
Job Discipline
Newly Qualified Finance
Contract Type:
Contract
Description
Interim Management Accountant - Immediate Start (£225 - £250 per day)
Reference
BBBH183400
Expiry Date
01/01/01
Author
Haroon HussainAuthor
Haroon HussainSalary:
£30,000 - £38,000 per annum
Location:
Wetherby, West Yorkshire
Industry
Business Services
Qualification
None specified
Market
Commerce & Industry
Salary
£35,000 - £40,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Accounts Assistant role in Wetherby
Reference
BBBH183399
Expiry Date
01/01/01
Author
Cameron WalshAuthor
Cameron WalshSalary:
£60,000 - £80,000 per annum
Location:
Bracknell Forest, Berkshire
Industry
Professional Services
Qualification
None specified
Market
Financial Services
Salary
£80,000 - £100,000
Job Discipline
Business Analysis
Contract Type:
Permanent
Description
As a Business Process Improvement Analyst, you play a critical role in enhancing the efficiency and effectiveness of the organisation's process.
Reference
BBBH183398
Expiry Date
01/01/01
Author
Andrew BarnesAuthor
Andrew BarnesSalary:
£32,000 - £35,000 per annum + 12% bonus
Location:
Wokingham, Berkshire
Industry
Manufacturing
Qualification
Part qualified
Market
Commerce & Industry
Salary
£35,000 - £40,000
Job Discipline
Finance Change
Contract Type:
Permanent
Description
Finance Assistant, Wokingham, £32,000 - £35,000
Reference
BBBH183276
Expiry Date
01/01/01
Author
Milly MurrayAuthor
Milly MurraySalary:
£60,000 - £70,000 per annum
Location:
City of London, London
Industry
Consumer & Retail
Qualification
None specified
Market
Commerce & Industry
Salary
£70,000 - £80,000
Job Discipline
Product
Contract Type:
Permanent
Description
Technical Product Owner
Reference
BBBH183171
Expiry Date
01/01/01
Author
Alex SimmonsAuthor
Alex SimmonsSalary:
£28,000 - £33,000 per annum
Location:
Leeds, West Yorkshire
Industry
Professional Services
Qualification
None specified
Market
Commerce & Industry
Salary
£30,000 - £35,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Contract
Description
Marks Sattin are currently recruiting an interim Accounts Assistant/Assistant Accountant on behalf of a very well established SME service provider, based in North Leeds.
Reference
BBBH183395
Expiry Date
01/01/01
Author
Yasmin CloughAuthor
Yasmin CloughSalary:
£70,000 - £90,000 per annum
Location:
Slough, Berkshire
Industry
Consumer & Retail
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
We are working with an exciting client within the Consumer space who need someone to come in and support with leading financial planning and analysis in the FP&A and Supply Chain Finance team.
Reference
BBBH183396
Expiry Date
01/01/01
Author
Ollie PizzeyAuthor
Ollie PizzeySalary:
£32,000 - £35,000 per annum
Location:
London
Industry
Consumer & Retail
Qualification
Part qualified
Market
Commerce & Industry
Salary
£35,000 - £40,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Contract
Description
Seeking a Finance Assistant for a part-time position available on a 6-month contract within a consumer retail business based in Central London.
Reference
BBBH183394
Expiry Date
01/01/01
Author
Jamie SmithAuthor
Jamie Smith