The UK’s financial services sector is a cornerstone of the national economy, contributing £213.6 billion in 2024. Now, with the upcoming publication of the first Financial Services Growth and Competitiveness Strategy, forming part of the government’s 10-year Industrial Strategy, the UK stands ready to build on that success—with a renewed plan for attracting global finance leaders.
Power and potential
As one of only a handful of truly global financial hubs, the UK’s leadership in this sector is widely regarded as one of the country’s greatest strengths. London has consistently ranked second in the Global Financial Centres Index, while both Edinburgh and Glasgow now sit among the most competitive, globally significant financial hubs.
Looking ahead, the UK government is focused on providing the stability and certainty needed for a decade of growth and beyond. There is already confidence in the UK as an investment destination, with PwC’s latest global CEO survey ranking the UK as the second most attractive country for investment—its highest position in 28 years. Meanwhile, in 2023, UK fintech firms attracted more funding than the next 28 European countries combined, reinforcing the UK’s appeal as a stable, investment-friendly hub.
The UK’s global positioning is critical to its success. Historically, 41% of UK-headquartered fintech firms operated internationally, and this outward focus endures today.
Few institutions epitomise the outlook better than JPMorgan Chase, which employs over 22,000 people across the country, with major operations in London, Glasgow, and Bournemouth. The bank’s Glasgow Technology Centre exemplifies the UK’s regional finance ecosystem—one that is driven by local talent and a technology-first approach.
Opened in 2024, the Glasgow site benefits from a strong pipeline of graduates from top local universities who are in prime position to grow digital skills within the business. Today, the centre develops critical software for everything from global payments to private banking, pushing the envelope of possibility with AI and fintech.
“We looked across Europe for somewhere that let us invest in advanced technology,” Napier explains. “Glasgow struck the perfect balance of real estate and talent. It’s also very welcoming, diverse, and closely linked to Edinburgh, one of the biggest financial centres outside of London.”
Napier cites the UK’s governing clarity and stability as key reasons why JPMorgan Chase’s senior leadership feels confident about its future in the UK.
“The UK has a strong legal framework, good infrastructure, and relatively stable environment to operate in. It’s vibrant,” Napier adds. “Our investment in the Glasgow office is senior leadership making decisions to say, ‘We’re going to invest in the UK.’”
Expanding opportunities
The forthcoming 10-year Industrial Strategy promises to take the UK financial services sector to the next level. By hardwiring certainty into the key government mission of growth, the strategy aims to sustain the talent pools and cutting-edge infrastructure that companies like JPMorgan Chase rely on. Investment in skills will remain a priority, ensuring that firms continue to have access to top-tier graduates specialising in data analytics, engineering, and fintech.
UK Financial Services AT A GLANCE
- London, Edinburgh, and Glasgow rank within the top 40 most competitive, globally significant financial centres
- Revenues for the UK’s fintech market is forecast to more than triple between 2020 and 2030
- The Financial Services sector contributed £208.2 billion to the UK economy in 2023
As part of the Industrial Strategy, financial services has been identified as one of eight growth-driving sectors. In response, the government is developing the UK’s first Financial Services Growth and Competitiveness Strategy, focusing on advancing the sustainable growth of financial services in the UK.
“I think it’s hugely important that we continue to create an environment and a set of circumstances that facilitates global investment,” says Napier. “All boats rise on competition and good competition creates that environment for business.”
Alongside the Industrial Strategy, the government is also pursuing deeper international partnerships and new multilateral trade deals to reinforce the UK’s standing as a global financial hub. For international business, the message is loud and clear: The UK is ready for the next generation of finance.
Find out more about the opportunities the UK offers here.