The Peterborough Evening Telegraph
Finance powering the city’s economy
New survey shows strength of insurance and banking
The key role played by financerelated companies to the prosperity of Peterborough and the surrounding area has been revealed.
Insurance, banking and other finance related businesses generate a value of £540 million a year for the city’s economy - which is 9.9 per cent of the total wealth created in the city. The figure is the second highest across the region, beaten only by Norwich.
The statistics are contained in a new survey showing the strength of the sector outside London by lobby group TheCityUK, which is calling for 15 measures to be implemented to secure the future of the industry.
The survey shows financerelated companies in Peterborough employ 7,250 people - more than in neighbouring Cambridge, where the sector provides jobs for 6,530 staff.
The sector in Peterborough is dominated by insurance companies which employ 3,000 people. The city is home to insurance giant BGL, which itself employs 1,800 people. Banking provides 900 jobs, funds management has 300 staff with a further 1,100 people in various other finance companies. Related industries include accountants - 400 staff - management consultants, which employ 700 people and legal services which have 1,000 staff.
Miles Celic, chief executive of TheCityUK, said: “One in every 14 British jobs are in financial and related professional services. These ‘City jobs’ aren’t just confined to London, they’re in financial clusters all across the UK. Building on this success will need a supportive business environment and greater emphasis on local expertise and local decision making.”