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

North East LEP supports National Innovation Strategy

The North East Local Enterprise Partnership (LEP) has welcomed the National Innovation Strategy, published today 22 July 2021. The UK Government has developed the Strategy…

ZeroLight – the business revolutionising global car sales

‘Global North East: Driving growth in North East trade and exports’ is a new report published by the North East Local Enterprise Partnership – in partnership…

Osbit gets to grips with global export markets

‘Global North East: Driving growth in North East trade and exports’ is a new report published by the North East Local Enterprise Partnership – in partnership…

New government-backed business support programme aims to increase digital technology adoption in North East manufacturing sector

A new business support programme aimed at helping manufacturing SMEs in the North East increase digital technology adoption, innovation and skills has launched in the…

Energy Minister visits projects putting North East at the forefront of Net Zero drive

As the North East is poised to become the UK’s first low carbon heat cluster, the government’s Minister for Business, Energy and Corporate Responsibility, Lord…

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…

Energy Innovation Challenge: Jumping Rivers

Esther Gillespie, Director of data science consultancy Jumping Rivers, explains how taking part in the Energy Innovation Challenge has opened up opportunities and funding for…

In conversation: Funding and investment accelerates new drug development

Iksuda Therapeutics develops a new generation of drugs which target difficult-to-treat cancers. In 2020, the business received £24,524 from the North East LEP’s COVID-19 Patent…

UK Life Sciences Vision

Colin Bell, Business Growth Director at the North East Local Enterprise Partnership, reacts to the publication of the Government’s UK Life Sciences Vision. “Government’s bold…