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Business booms for professionals
12:00am Tuesday 19th February 2013 in The York Report
York has a growing financial and professional services industry.
York is part of the Leeds City Region, which is recognised as the second financial centre outside London and its high skills level and value as an attractive place to live encourage the industry to grow up around York.
According to York Professionals, a membership group set up in 2001 to support the professional services sector, professional and financial services make up more than 20 per cent of York’s economy, employing 23,000 people, which is 15.8 per cent of the city’s total workforce.
That is expected to grow by 25 per cent in the next decade.
Research by Ekosgen into the skills requirements of York, North Yorkshire and East Riding, carried out in 2012, forecast 3,286 full-time equivalent jobs would be created in business services between 2011 and 2015, and 4,669 by 2020, with 936 in other financial services by 2015 and 1,701 by 2020.
The city’s universities are well placed to train the next generation of these industries and York is also home to the College Of Law, which was last year granted university status.
Furthermore, 18 per cent of businesses planning to take on apprentices in the next three years are in the financial, professional and business services sector.
York’s insurance sector is particularly strong, with Aviva’s UK Life and Pensions business a major employer across three sites in the city, as well as card protection and mobile phone insurance provider CPP employing hundreds of people at its headquarters in Holgate Park.
The city has secured further inward investment from global insurance provider Hiscox, which will bring 300 jobs to the city, potentially rising to 500.
The city has a strong accountancy and legal sector, with a number of long-established firms based in the city. It continues to attract firms from outside the region which are keen to establish a base in York.
Growing north-east firm BHP Law, which has eight offices across the north-east and Yorkshire, set up its stall in York Science Park last year, attracted by the city’s growing number of science and technology related businesses.
Newtons Solicitors, which is rapidly growing its network of offices around North Yorkshire with offices in Harrogate, Knaresborough and Ripon, has also launched a long-waited new office in York this year.