Financial Services Sector In NI In Rude Health Says Report

According to a recent report by TheCityUK, entitled ‘Enabling Growth Across The UK 2025’, the financial and related professional services sector is showing exceptional growth in Northern Ireland. The sector has grown in NI more than in any other region of the UK over the last decade, both in terms of gross value added and in taking on new staff.

The sector has grown by an average of 3.8% a year here over the last 10 years, and there are now 43,000 people employed in it.

Belfast Remains A Leading Industry Hub

Here are some more statistics and relevant information, as copied from an article by Gary McDonald in the Irish News. He wrote:

‘The industry also delivered a 3.2% annual average increase in GVA over the same period, contributing £4.1 billion to the economy or 8% of total national GVA in 2023.

‘Belfast remains a leading industry hub, accounting for around half (21,000) of the industry’s workforce across Northern Ireland and generating 20.8% of the city’s GVA.

‘The local financial and related professional services ecosystem is supported by global firms, including Citi Belfast, the only global investment bank operating in Northern Ireland, CME Group, the derivatives marketplace, and TP ICAP Group, a financial markets infrastructure provider.

‘Banking and the accountancy sector each represent 26% of national industry employment. Lloyds Banking Group, BNP Paribas and Santander maintain large operations in Northern Ireland, while all ‘big four’ professional services firms (Deloitte, EY, KPMG and PwC) maintain a well-established base in Belfast.

‘Northern Ireland’s financial and related professional services industry benefits from a local talent pipeline from Queen’s University Belfast and Ulster University, alongside several leading colleges.

‘Both universities boast ties to local industry partners, offering learning resources including trading rooms enabling students to build skills in real-time trading conditions.’

Northern Ireland Has Deep Talent Pools And World Class Professional Services

In the same article Anjalika Bardalai, chief economist and director for economic research at TheCityUK, is quoted as saying:

“Northern Ireland is a high-growth centre for the financial and related professional services industry.

“With deep talent pools and world-class professional services, businesses are creating opportunities and driving new growth across the nation.

“We now need to build on this momentum – through targeted investment, skills development, and stronger public-private collaboration – to ensure we unlock the full potential of the industry across all Northern Ireland.”

This sector is going to be a key driver for growth for many years to come so it is heartening to see Northern Ireland in such a strong position.