Leeds Means Business

A number of initiatives by Leeds City Council have transformed the city into one of Britain’s most successful centres, attracting massive private sector investments in property, leisure and business.  At a time when media gloom overcasts economic forecasts, Leeds’ success story as the new capital of the north is certainly a breath of fresh air.

The city’s economic focus is gradually moving away from being mainly an industrial centre.  Today Leeds is becoming a  a broadly based commercial hub as well as the most important financial, legal and business services centre in Britain,  outside London. 

Thanks to The Leeds Initiative, a strategic partnership body lead by the city council, and its Vision for Leeds 2004-2020, many businesses have expanded and new investment has brought in new firms, creating employment and unprecedented wealth. A clear example is the recent opening of a Kleinwort Benson branch, part of the global financial operation Allianz Group. Regional manager Carl Ward explains his reasons for choosing Leeds: “Leeds is a growing centre of importance in financial terms. As with any ‘hub’, entrepreneurs, senior executives and high flyers are naturally gravitating towards the exciting opportunities the city and Yorkshire as a whole increasingly present. Being right in the heart of this hub we are now ideally placed to serve the wealth management needs of the burgeoning high net wealth community.”

Leeds today is synonymous with wealth, employment and quality living. The Leeds Initiative explains in its brochure how “Our Vision for Leeds is an internationally competitive European city at the heart of a prosperous region where everyone can enjoy a high quality of life.” Results can already be appreciated, such as the establishment of the second largest media sector outside of London, and the growing number of information and communications technology businesses that are setting up in the city.

Currently, 30% of the Yorkshire region’s jobs are located in Leeds city centre. However, over the next 10 years, The Leeds Initiative predicts that over 30,000 jobs will be created, meaning the city will provide around 37% of the region’s extra jobs. Business and financial services will account for 75% of employment growth and the public sector plays an important role in the city’s economy, with the city council and the NHS being the two major employers, accounting for nearly a quarter of jobs in Leeds.

Tourism figures, and in particular business and convention tourists, have increased dramatically and now contribute £735 million to the local economy. Leeds is one of the best places for shopping in England: it boasts a unique Victorian market and many famous stores, as well as exciting buildings, green areas and a reputation as a lively 24 hour city.

Sara Romera, analyst for propertyshowrooms.com believes that “Leeds offers a great opportunity for investors. The city has carried out a similar strategic plan to that of London in the 1930s: creating a “green belt” (open land with restricted building) around two thirds of the city. This allows property within the city boundaries to substantially increase in value and meanwhile stopping property outside the boundary from ever reaching an equally elevated price.”