The general economic outlook may seem bleak but the South West still has a vibrant and very active financial sector, says Nigel Benton, executive director of the NationalSkills Academy for Financial Services.
He was speaking after a conference in Bridgwater, organised by the Skills Academy, which was attended by leading figures from the South West financial services sector.
Oliver Kamm, chief economic writer from The Times newspaper, highlighted how the current economic situation is being portrayed as a generic financial crisis when in fact it is the banks that are to blame, not the entire financial services sector.
His views were backed by Sylvia Perrins, CEO of NSAFS who agreed that the media portrayal of the sector was on the whole negative despite its importance and potential to provide jobs for thousands of people.
Other speakers said the current levels of quantitative easing and cuts were right with some expecting inflation to drop rapidly over the coming months.
The conference also looked to address some of the main factors affecting business risk as well as ways to retain jobs in the sector which provides employment for 87,000 people – almost 4% of jobs in Bristol, Cornwall, Devon, Gloucestershire, Somerset and Wiltshire.
Among measures discussed was the launch of the South West Talent Retention Scheme which has been set up to help save jobs in the region.
Mr Benton said: “With cities such as Bristol and Bournemouth relying heavily on the financial services sector it’s vital we provide a means for both employers to find candidates and employees find new jobs."
The South West Talent Retention Scheme, he added, is aimed at keeping this vital part of the economy thriving with its online vacancy system designed to promote the skills of individuals and help employers find talent and keep it in the region.
An independent employer-led charitable organisation the National Skills Academy for Financial Services is dedicated to growing talent and building professionalism in the UK financial services industry.
For more details of The South West Talent Retention Scheme go to www.talentretentionfs.co.uk
Pictured from left: Sylvia Perrins, CEO, National Skills Academy for Financial Services, Nigel Benton, executive director, National Skills Academy for Financial Services, Oliver Kamm, chief economic writer, The Times
