London - a centre for banking and FinTech

London’s vibrant cultural and economic contribution to the UK has made it a key player in global mobility and relocation. Why is London such a leading centre in the world?

Iconic landmarks of London's skyline illustrate an article about FinTech and Brexit in London
According to the latest figures (March 2019) from the City of London, the capital is home to 23,580 businesses, with 40 per cent of start-ups in professional and business services.Its workforce is young, skilled and highly international, with 40 per cent of workers born outside the UK. Of the City’s total workforce, 60 per cent are UK-born, 16 per cent of workers come from the EEA, while 25 per cent come from the rest of the world. Financial services are the single biggest contributor to the UK’s surplus in services trade.London is also a centre for innovation in the financial services and fintech market and is home to fast growing and dynamic organisations that need to understand the implications of compliance issues, such as tax and immigration.

Filling the talent gap

Like many industries, however, accountancy and finance are suffering from skills shortages and are having to recruit staff from overseas to fill the talent gap. It is therefore vital for companies to keep their talent engaged and productive at a time when they are competing against other employers across the world. Relocate’s Festival of Global People, which is taking place in London on May 14 and 15, is a unique opportunity to connect with the fast growing global mobility sector that supports international talent to flourish and international markets.Come and hear from our panel of international speakers about how to recruit and retain the best talent, what works and what motivates your international assignees, and share fresh thinking on the opportunities and challenges in global mobility. Connect with like-minded professionals from the sector and enjoy an opportunity to network in a relaxed setting.

A world leading financial centre

Despite political and economic uncertainty, London remains a world leading financial centre and is by far the most active centre in Europe, according to the latest research from global real estate advisor CBRE.According to the report, more than one million people are employed in the UK financial services sector, with one third of them in London.The financial services industry is a vitally important part of London’s economy, and contributes greatly to its international appeal and its tax receipts in terms of business and employment. The tax contribution of the UK financial services sector hit a record high total of £75 billion in last year’s tax year, according to a report from the City of London Corporation.

The largest exporter of financial services

Despite worries over Brexit, London is still the largest exporter of financial services and has the most competitive financial and business services sector in the world. The capital attracts high net worth individuals and families from around the world, some of them from the financial sector, others from the world of business and entertainment.The growing fintech sector employs both UK and non-UK nationals, and an increasing number of fintech specialists are being recruited from overseas, due to a shortage of suitably qualified candidates in the UK. This increases the need for effective global recruitment, and adds to the cultural mix of the capital.Very wealthy individuals are increasing their fortunes at such a rate that about 42,700 will become ultra-high net worth individuals by 2023, according to a report by the property consultants Knight Frank. Its report says London will retain its title as the world’s number one city for UHNWI residents despite concerns about Brexit, because sterling’s depreciation against other major world currencies has made London property significantly cheaper.London is home to 4,944 UHNWIs, more than Singapore with 3,598 and New York’s 3,378. The number in the UK capital is expected to rise to 6,015 by 2023.

A place to do business

The CBRE report found that, despite some uncertainty surrounding the sector following the global monetary crisis in 2008, London remains a leading global financial centre, and nearly a quarter (24 per cent) of the capital’s take-up can be attributed to banking and finance occupiers over the last ten years. The trend will remain steady with the banking and financial sector accounting for 28 per cent of active space requirements, it says.

Join us at the 2019 Festival of Global People and the Relocate Awards which reward the best and most talented in the world of international assignments, talent management and global mobility. 

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