City of London Corporation looks to strengthen ties with thriving Yorkshire fintech cluster to drive UK post-pandemic recovery

The Lord Mayor of the City of London, William Russell, will this week [29th-30thJuly 2021] visit Leeds and Sheffield to deepen the partnership with Yorkshire and harness the full potential of the region’s growing fintech and legaltech cluster.

The area is primed to develop as a leading location for fintech, legaltech and insuretech, and is home to the UK's first fintech accelerator outside of London.

As outlined by the Government in the independent Kalifa Review earlier this year, the fintech sector will have a vital role in driving economic growth and supporting the UK’s strong sustainable recovery. Legal services tech (legaltech), like fintech, is an emerging sector with enormous potential to scale in the area.

In his role as ambassador for the UK’s financial and professional services industry, the Lord Mayor will meet with Yorkshire firms and policy leaders to identify ways Leeds and Sheffield can capitalise on their success and use London as a launchpad for national growth.

Leeds is one of the largest business centres in the United Kingdom and around a quarter of a million people are employed in the financial and professional sector in the Leeds City Region with an output valued at £13 billion per year.

With major developments planned, such as the arrival of HS2 and the focus on the Northern Powerhouse, new opportunities are being unlocked to unleash the pent-up potential of the region.

The visit will also be used to promote the City of London’s Global UK campaign to position the UK as a world leading place to do business within financial and professional services, which places inclusion and sustainability at its centre.

Lord Mayor of the City of London, William Russell, said:

“Leeds is one of the biggest centres for financial and professional services outside of London, so it makes perfect sense that it is a priority visit as we seek to deepen our partnerships with financial hubs across the UK. I’m also excited to be visiting Sheffield to discuss the city’s strategic economic plan focussing on growth, inclusion and sustainability, as well as new opportunities being unlocked with the arrival of HS2.

“The region’s fintech and legaltech clusters have huge potential to drive growth and innovation that can benefit households and businesses. Closer collaboration with the City of London Corporation can act as a springboard to growth and investment – helping to create jobs across the region.

“The financial services sector will be key as we chart a new course on the world stage and look to build back better as we emerge from the pandemic. Partnership between Yorkshire and the City can help to drive forward the UK’s economic recovery.”