TheCityUK’s ‘Finance for Growth in the UK’ report reveals the financial and related professional services industry is thriving in Wales, with around 8,000 high-value new jobs created in the past year.

Cardiff, the dominant financial and professional services centre in the region, accounts for a third of all employment in the industry (22,000), followed by Swansea (7,300) and Newport (4,900).

According to the report, with a 59,900 strong workforce, in 2013 Wales’ financial and related professional services industry contributed almost £4bn to the regional economy, or 7.5 per cent of regional GVA – figures that are expected to grow over the next decade.

Chris Cummings, chief executive, TheCityUK, said: “Financial and related professional services bring significant benefits to the national and local economies and Wales has a growing reputation for providing high quality professional services and support functions.

"The region has particular expertise in insurance technology support, taxation and legal services and the strength of its higher education – particularly in South Wales – and its links to business is a major attraction for companies.

“Across the UK, the industry employs more than 2.1 million people, with more than two thirds of those working outside of London.

"In order for regional financial centres to continue to thrive, we must ensure the ongoing competitiveness and attractiveness of the UK as a place to do business.

"Strong regional centres increase the international appeal of London by deepening the talent pool of skilled workers and offering growth opportunities for financial and related professional services firms.”

Between 2010 and 2013, more than 100,000 jobs were created between in the financial and related professional services industry in London and more widely across the UK.

TheCityUK’s report shows that the regions with the largest upswing in employment in 2013 outside of London included the North West (15,000), Wales (8,000) and the East of England (5,000).

Towns and cities with the strongest growth include Cardiff (2,000), Swindon (1,900), Manchester (1,800) and Swansea (1,200).