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Sheffield: The new financial hub for the UK

Authored by Phil Meekin

Phil Meekin

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Approximate read time: 2 minutes

Sheffield is aiming to become the hub for financial and professional services in the UK outside of London, rivalling its neighbour Leeds for the title.

Many professional services have set up big offices here over the last 5 years, with the likes of Irwin Mitchell, HSBC, DLA and Nabarro all based here. As a result, many companies are looking to set up their head office or secondary office in the city. This, coupled with cheaper rents than many other cities and empty office space in the city centre, it makes Sheffield a prime destination for the professional industries.

The banking sector in Sheffield currently employs around 7000 people and by 2025, it is forecast to grow by another 10000 staff. The banking sector, along with professional services in Sheffield, create 13% of our GDP (Gross Domestic Product) and accounts for 18% of Sheffield’s workforce jobs.

As a result of positive growth economically and those interested in setting up here, Sheffield City Council are keen to focus on collaboration and innovation to bring about change. This is starting to take shape after recent investment from China in the city, along with the prospects that HS2, HS3 and the Northern Powerhouse could bring.

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After a recent visit to Sheffield, the Lord Mayor of the City of London was impressed with the city and the business investments that are taking place here. There are more moves planned from big businesses over the next year and the completion of buildings such as 3 St. Paul’s, a £25m office block, only encourages investment and relocation from big, professional businesses.

In addition, the businesses that set up here have everything they need in place to make it a success. These kind of businesses are cheaper to set up needing just an office, computers and an internet connection in most cases.

Plus, there is a constant stream of staff looking for roles in the sector. The jobs are well sought after as they are better paid than other roles in the city such as manufacturing and commercial sectors.

For us at Wilson Field, who have our head office in Sheffield and have been based here since our inception 15 years ago, this is all great news. It will strengthen our business connections and we’re happy to be an integral part of such an important sector to a city in which we have strong roots.

We’re looking forward to seeing the fruits of the initial investment in these sectors and working with the businesses that are choosing Sheffield as their home.

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