14 December 2011
City Lord Mayor visits Wales to promote UK-wide financial and
professional services industry
Wales’ financial sector is growing and has a crucial role to
play in restoring growth to the UK economy, says the City of
London’s Lord Mayor.
Lord Mayor David Wootton will be visiting Cardiff on Friday 16
December 2011 to hear the views of local businesses and from the
Welsh Government including the Minister for Business, Enterprise,
Technology and Science, Edwina Hart AM.
Speaking ahead of his visit, the Lord Mayor said:
“I am delighted to be in Wales today so I can better represent
Welsh interests on both domestically and on my overseas visits. In
my international role as Ambassador for the UK based financial,
professional, and business services industry, I represent these
businesses regardless of geographic location.
“Wales is looking to develop and increase employment in
financial and related professional services to 200,000 by 2021. I
hope I can help that by building on links which clearly demonstrate
how the City of London and the Welsh financial services sector can
complement each other and work together.
“The financial and professional services industry is very
important for the whole UK economy. Despite recent problems, I
believe the foundations are sound and the sector will continue to
make an important contribution to the national economy.
“Developing new areas of the UK economy will require substantial
amounts of capital, much of it “risk capital”. Only a
sophisticated and globally connected financial and professional
services industry is capable of delivering the combination of
financing British businesses will need if they are to succeed.”
Ends
Press enquiries
Nick McClelland, Press
Officer
City of London Corporation
Tel 020 7332 1754 / Mob 07990 740 045
Email
nicholas.mcclelland@cityoflondon.gov.uk
Notes to Editors
- Statistical background
The financial services sector is important to the Welsh
economy. In February 2011, the sector, together with related
professional services businesses, employed 124,000 employees,
representing 16% of total employment in Wales, and generating
approximately £5bn in GDP.
The sector is dominated by banks and building societies, employing
62% of the Welsh financial services workforce; insurance,
particularly general insurance and pension funding is the
second-largest sub-sector in Wales employing 21%, the remainder
being employed in other financial services sub-sectors.
- About the Lord Mayor of the City of
London
The Lord Mayor is elected for one year and the position is unpaid
and apolitical. The Lord Mayor spends some 90 days abroad leading
delegations to key fast-growing markets and addresses some 10,000
people face-to-face each month (making around 800 speeches a
year).
The Lord Mayor listens to City and UK businesses and helps the City
Corporation advise the Government of the day on what is needed to
help the UK-based financial, professional, and business services
sector to function well. The Lord Mayor frequently travels to
represent the City and UK businesses; and travels overseas with the
status of a Cabinet Minister. On average, the Lord Mayor will meet
one head of state a month and will meet a prime minister or finance
minister each week to discuss City and UK business , often in
conjunction with senior City business representatives. The Lord
Mayor, who is unpaid, lives in the Mansion House,for the Mayoral
year.
Read his biography
- About the City of London Corporation
The City of London Corporation is a uniquely diverse organisation.
It supports and promotes the City as the world leader in
international financial, professional, and business services and
provides local services and policing for those working in, living
in and visiting the Square Mile. It also provides valued services
to London and the nation. These include the Barbican Centre and the
Guildhall School of Music & Drama; the Guildhall Library and
Art Gallery and London Metropolitan Archive; a range of education
provision (including three City Academies); five Thames bridges
(including Tower Bridge and the Millennium Bridge); the Central
Criminal Court at Old Bailey; over 10,000 acres of open spaces
(including Hampstead Heath and Epping Forest), and three wholesale
food markets. It is also London’s Port Health Authority and runs
the Animal Reception Centre at Heathrow. It works in partnership
with neighbouring boroughs on the regeneration of surrounding areas
and the City Bridge Trust, which it oversees, donates more than
£15m to charity annually.