Regions See Big Rises in Banking Jobs

Regions See Big Rises in Banking Jobs

UK regions outside London see biggest rises in banking jobs

The City of London, and to some extent the entire South East of England region, is something of a financial hub, and that situation is unlikely to change any time soon.

However, research by the trade association the British Bankers Association (BBA) has revealed some significant increases in the numbers of banking jobs available in other parts of the UK.

The figures released by the BBA in February 2017 mainly concern the growth in banking jobs between the end of 2014 and the end of 2015. (The survey only looks at those employed by private banks and building societies, so roles at the Bank of England are not included in these figures).

While the total number of banking / building society jobs in London is almost four times as high as for any other region, at 143,000, over the year the percentage increase in banking jobs in London was just 2.3%. Larger increases were recorded in Scotland (4%), the West Midlands (5.9%) and the South West (10%). In the South West alone, 3,300 new banking roles were created during the year.

The only region to see a significant decrease in banking jobs was North West England, where the number of roles fell by 7.7%, but the overall total of jobs in this region is still 36,000, higher than anywhere except London and Scotland.

Of the 100 parliamentary constituencies with the highest proportion of banking jobs, 90 are located outside of London.

Of the 3,700 banking apprenticeships created in 2015 and the first quarter of 2016, 75% were based outside of London.

In the London constituency of Poplar and Limehouse, 20.3% of all jobs are banking roles, but the second highest constituency in this respect is Edinburgh West (14.1%), followed by Edinburgh South West (11.2%), Bournemouth East (10.9%) and Halifax (10.5%).

In total, the UK banking sector employed 406,750 people at the end of 2015, up 1.7% over the year.

Commenting on the figures, BBA Chief Executive Anthony Browne said: 

“Despite the impression of banking being London based, our latest figures show the overwhelming contribution the industry makes to communities across the UK, through jobs and apprenticeships. From Edinburgh to Exeter, Birmingham to Bournemouth, Britain’s regions have continued to maintain their impressive growth, cementing their reputation as great places for banks and building societies to find talented local people and to do business.”

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