According to HSBC's new UK Corporate Tracker, Leeds now hosts the highest number of UK-headquartered corporates outside London, surpassing Birmingham and Manchester, and is home to more than 30 national and international banks, over 150 accountancy firms, including all of the Big Four, and a thriving insurance and fintech sector. The city’s financial services sector alone is valued at £6.8 billion, with accounting and legal services contributing a further £2.1 billion. Anchored by institutions such as the Bank of England and the Financial Conduct Authority, Leeds has become a regulatory and operational hub for fast-growing financial firms.

The West Yorkshire Combined Authority (WYCA) has recently published six Cluster Action Plans (CAP), which underscore the region's strengths. The Business, Financial and
Professional Services Cluster Action Plan sets out an ambitious vision to more than double growth in the BFPS and fintech sectors. This initiative aims to generate 50,000 new jobs over the next decade, positioning Leeds as the "Northern Square Mile" and the second most significant global financial centre after the City of London. This ambition places Leeds at the forefront of innovation and growth in the sector, fostering an environment where new and established firms alike can flourish. The robust talent pool, innovative fintech ecosystem, and ongoing strategic investments in the region make it exceptionally well-placed to realise this ambition.

Recent growth statistics in the action plan are particularly impressive. The financial services sector in West Yorkshire has been expanding at an annual rate of 4.6%, closely tracking the region’s overall economic growth, while the professional services sector has grown by 6.6%, outpacing both the regional average and the UK-wide professional services growth rate of 5.7%. Both sectors also demonstrate higher-than-average productivity, underlining their importance in closing the productivity gap identified in the West Yorkshire Local Growth Plan.

The government’s Leeds Reforms, announced in July 2025, further underline the city’s strategic importance. These measures aim to create a growth-first, innovation-friendly regulatory environment, supporting the ambition to make the UK the world’s leading destination for financial services by 2035. The Government expects these reforms to cut red tape, boost inward investment, and create skilled jobs, with Leeds at the heart of this transformation.

According to the latest Invest West Yorkshire data, accountancy and related professional services contributed over £2 billion to the local economy last year, with the sector continuing to invest in digital transformation, skills, and sustainability initiatives. Despite a challenging national economic backdrop, Leeds’ accountancy sector has shown resilience. The recent KPMG Report for Recruitment highlighted that while recruitment indicators have softened in 2025, reflecting wider economic uncertainty, demand for specialist skills, particularly in AI, digital finance and sustainability, remains robust. Firms are investing in upskilling and retraining, with ICAEW and partners offering practical support to help practitioners and businesses navigate uncertainty and drive sustainable growth.

As the city welcomes new investment and national attention, Leeds is not just following London’s lead but forging its own path as a global financial centre. With a focus on skills, digital transformation, and inclusive growth, Leeds is poised to remain the beating heart of the UK’s financial future.