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 to welcome Planet Mark Zero Carbon Tour

The North East Local Enterprise Partnership (LEP) has re-affirmed its commitment to working with its partners to help tackle climate change, ahead of the 2021…

Northern leaders set out collective offer to work with Government to level up the North

Civic and business leaders from across the North are putting forward a collective partnership offer to Government, setting out how the North can lead the…

A once in a generation opportunity to modernise business support

Colin Bell, Business and Sector Growth Director at the North East Local Enterprise Partnership, explains why evolution is key to simplifying the business support landscape…

New reports on North East economy reveal impact of COVID-19 and EU Exit

The North East Local Enterprise Partnership has published two new reports, one, an annual state of the region report and the other exploring the impact…

North East businesses helping the ‘COVID generation’ find a pathway to the workplace

Across the North East, partnerships have been formed between people working in sectors from marketing to manufacturing and their local school or college. Michelle Rainbow,…

Helen Golightly OBE, Chief Executive Officer of the North East LEP, explains how and why we are working with government on the ongoing LEP review

The move into the final quarter of the year always gives me pause for reflection and there is much to think about as we continue…

Port of Tyne and Equinor announced as new North East Energy Catalyst partners

The Port of Tyne and Equinor have been announced as partners in the North East Energy Catalyst network. The two companies joined the ground-breaking partnership…

Annual ‘Our Economy’ event to review region’s economic performance through COVID and EU Exit

Online event, Thursday 7 October 2021, 9.30am – 11am An overview of how the North East economy has fared throughout EU Exit and the COVID-19…

Supporting Community Energy in the North East

A new report, commissioned by the North East LEP in partnership with the North of Tyne Combined Authority, Durham County Council and South Tyneside Council,…