Financial Services Expected to Grow in Wales

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WALES has become one of the best places in Europe for businesses looking to improve costs and customer service.

Delivering his inaugural lecture entitled "Keeping the UK competitive: the threats and opportunities for the future", Visiting Professor at the University of South Wales, Chris Cummings, chief executive of TheCityUK, said the financial and related professional services sector in Wales employed nearly 52,000 people across the nation and contributed 7.9% of GDP, and this is expected to grow over the next decade.

He said: "Wales has a growing reputation for providing quality professional services and support functions, with particular expertise in cards and payments, asset finance, fund administration, mortgage administration, taxation, securities trading, insurance and legal services."

He added: "The south of Wales plays a particularly important role, with financial centres in Cardiff, Swansea and Newport. Between them, these three cities account for more than half of the total employment in the sector, with 20,000 employed in Cardiff, 6,100 in Swansea and 4,300 in Newport."

A recent YouGov survey found 65% of Cardiff residents believe that financial services is a key driver of growth in the region, higher than in London (60%), Birmingham (55%), Manchester (49%) or Liverpool (43%). …