» Exiles heading north:
BIRMINGHAM attracts more people away from London than any other UK city, according to a new report.
In the year to June 2018, the city welcomed 7,771 so-called ‘internal migrants’ from the capital, fuelled by the lower cost of living and a change in how the city is perceived by outsiders. It was second only to Scotland as a whole.
The research was published this week by economic development body the West Midlands Growth Company (WMGC) based on data from the Office for National Statistics.
Birmingham also received more internal migrants from the rest of the UK than any other location while the West Midlands Combined Authority welcomed more internal migrants from the capital than any other regional authority.
One of the most high-profile entrants into Birmingham has been the new HSBC UK head office at the city’s Arena Central development.
Although its launch last year falls outside the scope of these ONS figures, the new HQ has welcomed thousands of staff previously based at Canary Wharf.
WMGC claimed the new office for the ring-fenced personal and commercial banking arm had contributed £540 million in economic impact in Birmingham, with £390 million coming directly from HSBC UK’s new head office and the remainder via its supply chain.
The WMGC said 26 other financial services companies had invested in the West Midlands since the bank’s new head office was announced in 2015 which had created an additional 800 new jobs.
As part of its research, the West Midlands Growth Company spoke to a focus group of HSBC UK staff who have moved to the region from London, across the UK and overseas.
Among the reasons cited for relocating here were affordability, disposable income and a change in original perceptions since visiting the area.
Ian Stuart, chief executive of HSBC UK, added: “Birmingham was a natural choice for us thanks to its central location and established business eco-system that includes a critical mass of high-quality talent.
“It is fantastic to see the positive contribution our head office has made to the local economy and the ripple effect HSBC UK is having not just in Birmingham but across the wider region. I’m confident that increasing numbers of financial and professional services firms will follow suit to become a part of this regional success story.”