Northern financial rival to City of London true sign of levelling up

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The Square Mile is considered the world’s financial hub, with the Stock Exchange at the centre. But with Boris Johnson’s pledge to bring prosperity levels up across the country, he has been urged to create new pathways for previously ignored regions to become financial power-bases for post-pandemic Britain. The North East, already home to a burgeoning financial services sector, is said to be ripe for the opportunity, given assistance from Michael Gove’s “Levelling Up” department.

One of the North East’s biggest success stories in financial services is True Potential, a wealth management company that holds more than £60billion in client assets, with a fifth of the UK’s financial advisers either employed by it or using its products and tools.

Chief executive Daniel Harrison thinks the North East, and other overlooked areas, are ready to boom with help focused on them. It will also mean there will no longer be a “brain drain” to the City, with people staying in their local area thanks to lucrative new job opportunities.

He said: “By creating more pathways to these jobs, we can stem the flow of talent to London that has harmed our region for decades.

“We have a government that is finally willing to pay attention to the North East. Great.

“Now it’s time to create the conditions for a private sector boom that can reverberate around the region, country and world for decades, and not just one electoral cycle.”

Mr Gove will publish the Levelling Up White Paper next month. It comes as polling by Opinium for the New Economics Foundation found 58 per cent of people said they had seen no evidence of levelling up since the 2019 general election.

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