Financial, professional and business services

The North East has a strong and diverse financial, professional and business services sector.

We are home to the headquarters of Virgin Money and Newcastle Building Society, specialist teams, shared services centres and the local offices of well-known national brands. Also based here are leading regional companies in law and finance and specialist consultancies supporting key areas of opportunity like offshore energy.

A critical factor in this sector’s success is the strong flow of graduates from the North East’s four universities.  Retention of more of these graduates will further strengthen the sector.

Work is ongoing to ensure office accommodation is readily available across the region in places like Newcastle, Durham and Sunderland City Centres and on key employment sites.

New digitally driven and automation business models, processes and services are changing the competitive environment in the shared services sector. To ensure the sector remains competitive, North East businesses must adopt and apply new digital technologies to their business model, whilst supporting their employees through this change.

The Strategic Economic Plan supports this sector through:

  • Transition plans to support the sector are a specific priority, as digital transformation, automation of service centres and EU Exit drive change.
  • Continuing investment in transport connectivity is required to ensure the optimum flow of people and goods into and out of the region to ensure we remain competitive within the UK and global markets.
  • Skills supply into the sector and a strategy to drive up the demand for higher quality employment.

Latest news

Reaction to ONS regional labour market statistics – May 2021.

The North East Local Enterprise Partnership’s (North East LEP) Strategy and Policy Director, Richard Baker, has commented on today’s (18 May 2021) regional labour market…

CHALLENGE NORTH EAST ANNOUNCES £125K FUNDING FOR TOP INNOVATION IDEAS

Ground-breaking solutions to the COVID-19 crisis will become reality thanks to the Challenge North East open innovation programme. Challenge North East called on North East…

Stepping into the world of work: making it easier for businesses to deliver work placements for young people

A new work experience framework, which will help employers work together with schools and colleges to give young people experience of the world of work,…

Remedying skills shortages in the health and life sciences sector

The new North East Health, Life Sciences and Medicines Manufacturing Strategy aims to double the number of jobs in this sector in the North East,…

No limits: helping primary pupils fulfil their potential

A year on from the start of a new project to improve careers guidance for primary pupils, Matt Joyce, Regional Lead – North East Ambition,…

Challenge North East: the story so far

Challenge North East is an innovation programme, launched to identify solutions to issues created by COVID-19 and to enable SMEs to develop and test these…

Adopting a unified, data driven approach across the North of England

When Boris Johnson unveiled government’s roadmap for lifting lockdown restrictions in England he stressed that decisions would be governed by “data not dates”. Throughout the…

North East Local Enterprise Partnership reaction to ONS regional labour market statistics

The North East Local Enterprise Partnership’s (North East LEP) Strategy and Policy Director, Richard Baker, has commented on today’s regional labour market statistics, released by…

Ground-breaking Careers Pilot Hailed a Success

An independent evaluation of the Gatsby Benchmarks of Good Career Guidance Pilot has been released. The North East Local Enterprise Partnership (LEP) played a central role in the Pilot and Skills Director Michelle Rainbow reflects on this and how even…