Yorkshire Forward has today announced that it is to invest £2.45 million as part of a £3.24m three year plan to support growth in the region’s financial and business services industry.

The agency’s director of business, Simon Hill announced the funding at a breakfast briefing held by Leeds Financial Services Initiative (LFSI) in Leeds today. LFSI, which will contribute approx £780,000 to the programme, will work in partnership with Yorkshire Forward over the next three years to raise the profile of the sector further, lobby on its behalf, help grow the existing market and encourage new investors. 

The funding and partnership between Yorkshire Forward and LFSI joins together Yorkshire Forward’s recognition of the importance of the financial and professional services sector to regional growth and LFSI’s ongoing activities to represent and promote the Leeds area as a financial services hub. 

LFSI will work with other agencies and partners across the city region*, in particular York Professionals and Bradford FSI, to ensure the growth of the industry benefits the wider region.

Government Ministers Rosie Winterton and Yvette Cooper also spoke of the funding as an example of support on offer to regional industries as they visited the region to find out more about how the current economic climate is affecting the region’s businesses.

Simon Hill, executive director of Business at Yorkshire Forward comments: “The financial and professional services sector has experienced huge growth in the Leeds city region over the last decade and Leeds is now one of the biggest financial centres outside of London. 

“It is also a vital link in the supply chain for other regional industries and is a significant asset for attracting inward investors.

“This is an innovative sector that knows how to do business, but by bringing together our investment commitment and the expertise of LFSI and other professional services bodies in the region, there are ways in which we can ensure it enjoys even greater success in the future.”

Kevin O’Connor, chairman of LFSI said: ”This is a major step change for LFSI and significantly adds to our firepower to promote Leeds as the leading financial services centre outside London, and to support the growth of the sector in the region.

“Leeds Financial Services already has good brand recognition and this initiative will enable us to better position the Leeds city region as a major European financial region and meet increased competition from other major centres within the UK and from overseas.” added Kevin O’Connor. “Equally, there are also opportunities to attract business which we have been unable to adequately exploit until now and which can add to the range of expertise available within the area.”

David Cubitt, chief executive of Bradford FSI said: “We are delighted to support this new initiative and feel it is essential that the city region starts to punch its weight both nationally and internationally in this very important area. We need to build on the success of Leeds and raise the bar even further and be mindful that other regions are themselves competing to be major players in the area of financial services. This is a great opportunity to for us all to work together.”

Rachel Goddard, Vice-chair of York Professionals said: “The development of the financial and professional services sector is vital to the success and prosperity of our region and we are delighted that it has been recognised with this investment. There is a huge opportunity and this support will help us to generate growth in collaboration with our strategic partners both in York and across the Leeds city region.”