You asked
The Gross Value Added per capita for ‘financial services activities, except insurance and pension funding’ (SIC 64) for the following cities:
- Manchester (UKD31, UKD32)
- Birmingham (UKG31)
- London (UKI11, UKI12, UKI21, UKI22, UKI23)
Please provide the data for each of the last two years with a year-end 30 June. If that is not possible, then please provide data for each of the last two years using whichever year-end date is most convenient.
The top ten cities in the UK with the highest Gross Value Added per capita for ‘financial services activities, except insurance and pension funding’ (SIC 64)
We said
Thank you for your request.
Although we do produce estimates of Gross Value Added (GVA) for regions and other sub-national areas of the UK, there are a number of ways in which we are unable to comply fully with the terms of the request.
The industrial breakdown for which regional GVA estimates are produced lacks the detail to provide separate estimates for ‘financial services activities, except insurance and pension funding’ (SIC 64). The closest match we are able to provide is for ‘financial and insurance activities’ (SIC Section K), which also includes SIC 65 (‘insurance, reinsurance and pension funding, except compulsory social security’) and SIC 66 (‘activities auxiliary to financial services and insurance activities’).
The regional GVA estimates we produce are compiled on a calendar year basis, covering periods from 1 January to 31 December. We are unable to provide estimates for years ending 30 June. The last two years for which estimates are available are 2014 and 2015. Estimates for 2015 are provisional, as the national data upon which they are based have not yet been through the National Accounts supply and use balancing process.
The geographic framework for regional GVA estimates is the European classification system called the Nomenclature of Units for Territorial Statistics (NUTS). This provides a consistent basis for reporting on sub-national areas across the EU. It is not specifically designed to provide statistics for UK cities, although some UK cities are explicitly covered by NUTS areas. The three cities requested are covered by the NUTS classification, so we are able to provide estimates for those cities (note however that the NUTS codes have been updated recently and the codes quoted in the request are now out of date for both Manchester and London; note also that according to the definitions provided, the request relates to the areas of Greater Manchester and Greater London).
| NUTS code (level) | City | 2014 (£) | 2015 (£) |
|---|---|---|---|
| UKD3 (NUTS2 level) | Greater Manchester | 1289 | 1309 |
| UKG31 (NUTS3 level) | Birmingham | 1831 | 1975 |
| UKI (NUTS1 level) | Greater London | 7363 | 7114 |
Table 1: Financial services GVA per capita for Manchester, Birmingham and London, 2014 and 2015 (£ pounds)
The request for the top ten UK cities is more difficult, as the NUTS areas do not explicitly cover all UK cities. We have recently expanded our service to provide GVA estimates for Local Authority districts and Council areas of the UK, and these areas provide additional coverage of other UK cities. We cannot be certain, however, that all UK cities are covered explicitly by these areas, and many of these areas with significant financial service industries do not include any city (although there is usually a main town or towns in the area). We can therefore provide only a list of the areas with the highest GVA per capita that include at least ten UK cities in each year.
One final note of caution should be made. GVA per capita takes the value added by everybody working in an area and divides it equally by the entire resident population of that area, including children, retired people and other economically inactive persons, as well as those who commute to work in other areas. GVA per capita is therefore a poor measure of the productivity of a region, and this becomes exponentially worse when applied to a single industry’s GVA, as in this request. We strongly advise that care is taken in the interpretation of these estimates, to avoid misleading inference relating to comparative productivity across UK cities.
| Area Code (type) | Area Name | City or Other | 2014 (£) |
|---|---|---|---|
| E09000001 (LA) | City of London | City | 3,564,792 |
| UKM25 (NUTS3) | City of Edinburgh | City | 7872 |
| UKI (NUTS1) | Greater London | City | 7363 |
| E07000211 (LA) | Reigate and Banstead | Other (3 towns) | 6653 |
| E07000116 (LA) | Tunbridge Wells | Other (town) | 4763 |
| UKK14 (NUTS3) | Swindon | Other (town) | 3953 |
| E06000028 (LA) | Bournemouth | Other (town) | 3835 |
| UKM34 (NUTS3) | Glasgow City | City | 3586 |
| UKK11 (NUTS3) | City of Bristol | City | 3503 |
| E07000144 (LA) | Broadland | Other (city suburb) | 3493 |
| E07000163 (LA) | Craven | Other (town) | 3393 |
| UKJ12 (NUTS3) | Milton Keynes | Other (town) | 3391 |
| E07000154 (LA) | Northampton | Other (town) | 3358 |
| UKD33 (NUTS3) | Manchester | City | 3354 |
| E08000033 (LA) | Calderdale | Other (6 towns) | 3216 |
| E07000202 (LA) | Ipswich | Other (town) | 3097 |
| UKN01 (NUTS3) | Belfast | City | 3051 |
| E07000228 (LA) | Mid Sussex | Other (3 towns) | 2985 |
| E07000210 (LA) | Mole Valley | Other (2 towns) | 2969 |
| E07000226 (LA) | Crawley | Other (town) | 2867 |
| E07000068 (LA) | Brentwood | Other (town) | 2842 |
| W06000015 (LA) | Cardiff | City | 2786 |
| UKE42 (NUTS3) | Leeds | City | 2775 |
| E06000038 (LA) | Reading | Other (town) | 2767 |
| E07000229 (LA) | Worthing | Other (town) | 2630 |
| E07000148 (LA) | Norwich | City | 2619 |
| E06000025 (LA) | South Gloucestershire | Other (towns) | 2519 |
| E06000029 (LA) | Poole | Other (town) | 2492 |
| E07000212 (LA) | Runnymede | Other (towns) | 2365 |
| UKD63 (NUTS3) | Cheshire West and Chester | City plus other towns | 2327 |
| UKJ21 (NUTS3) | Brighton and Hove | City | 2327 |
Table 2: Areas with the highest financial services GVA per capita, 2014 (£ pounds)
| Area Code (type) | Area Name | City or Other | 2015 (£) |
|---|---|---|---|
| E09000001 (LA) | City of London | City | 3,157,420 |
| UKM25 (NUTS3) | City of Edinburgh | City | 8350 |
| UKI (NUTS1) | Greater London | City | 7114 |
| E07000211 (LA) | Reigate and Banstead | Other (3 towns) | 6343 |
| UKK14 (NUTS3) | Swindon | Other (town) | 4384 |
| E06000028 (LA) | Bournemouth | Other (town) | 3948 |
| E07000163 (LA) | Craven | Other (town) | 3835 |
| E07000116 (LA) | Tunbridge Wells | Other (town) | 3734 |
| UKM34 (NUTS3) | Glasgow City | City | 3674 |
| UKD33 (NUTS3) | Manchester | City | 3638 |
| UKK11 (NUTS3) | City of Bristol | City | 3492 |
| E07000144 (LA) | Broadland | Other (city suburb) | 3451 |
| UKJ12 (NUTS3) | Milton Keynes | Other (town) | 3244 |
| E07000154 (LA) | Northampton | Other (town) | 3223 |
| UKE42 (NUTS3) | Leeds | City | 3172 |
| E08000033 (LA) | Calderdale | Other (6 towns) | 3109 |
| E07000068 (LA) | Brentwood | Other (town) | 3103 |
| UKN01 (NUTS3) | Belfast | City | 3102 |
| E07000226 (LA) | Crawley | Other (town) | 3067 |
| E06000038 (LA) | Reading | Other (town) | 3060 |
| E07000210 (LA) | Mole Valley | Other (2 towns) | 2985 |
| E07000202 (LA) | Ipswich | Other (town) | 2965 |
| E07000094 (LA) | Winchester | City | 2817 |
| E07000228 (LA) | Mid Sussex | Other (3 towns) | 2643 |
| E07000148 (LA) | Norwich | City | 2621 |
| E06000029 (LA) | Poole | Other (town) | 2504 |
| W06000015 (LA) | Cardiff | City | 2497 |
Table 3: Areas with the highest financial services GVA per capita, 2015 (£ pounds)
The data collated in response to this request have been taken from the Regional Gross Value Added (Income approach), UK: 1997 to 2015 release published on 15 December 2016, with additional data from the supplementary tables on Regional GVA(I) by local authority in the UK, published on 31 March 2017.