Feature: Professional Services


The Professional and Financial Services sector (PFS) spans a very wide range of professional businesses, from core financial and legal services, through to technical services such as architecture, and scientific research. It’s a sector that has been prominent for centuries, evolved with the changing times, and retains its significance – especially in an uncertain and sometimes volatile economic and political climate. In what is admittedly quite a broad term, Chamber member PwC defines the businesses and organisations that make up the sector as including “a range of different occupations which provide support to businesses of all sizes and in all sectors. People working in professional services provide specialist advice to their clients. This includes things like providing tax advice, supporting a company with accounting or providing business advice. The kinds of services provided mean that the professional services sector helps to improve productivity and growth across the economy. “Professional services support businesses of all sizes and in a wide range of industries. People working in professional services help their clients to manage and improve their business. Accountants, management consultants and lawyers all provide professional services to their clients.” So there is no doubt as to the crucial and significant role professional services play in the business world and how important they are to the UK’s economy.


If we take a look at one region that the Chamber covers - the Leicestershire area - around 29,000 jobs are PFS jobs, with 6,800 of them in the City of Leicester alone.


Professional and financial services are a vital component of the UK economy, according to the Leicester and Leicestershire Enterprise Partnership (LLEP), with around 600,000 jobs due to be created in the sector by 2025 across the UK. More widely, a report last year from TheCityUK - an industry-led body representing UK-based financial and related professional services – suggests that financial and related professional services workers contribute 1.5 times more to the economy than the average UK employee. It adds that “financial services employees


contribute £79,500 gross value added (GVA), above the average of £52,000 across other sectors” while revealing that the industry “makes up 10.7 per cent of the UK economy, contributing £176bn in 2015”. The industry, according to the report, employs 7.3% of the UK’s working population, totalling more than 2.2m people. TheCityUK report also highlights that financial services remain the UK’s largest tax paying sector, contributing 11.5%of the total. Upon publishing the findings, Miles Celic, Chief Executive of TheCityUK, said: “As the UK’s largest generator of tax revenues and the source of the country’s largest trade surplus, financial and related professional services are of strategic economic importance.


Providing support for


professional industries


48 East Midlands Chamber Directory 2018


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