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UK must rise to skills challenge in finance to maintain world leader status

By TJ (11-01-2008)
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Learning and Development News - UK must rise to skills challenge in finance to maintain world leader status

Union leaders, employers and Minister for Skills David Lammy set out the skills challenge facing the UK finance sector at a seminar hosted by unionlearn, the TUC’s learning and skills organisation.

The finance sector has grown by 5.5 per cent a year since 2002 and currently accounts for eight per cent of GDP. The industry now employs over a million workers.

Despite this progress, a recent Treasury review of City competitiveness warned that the financial sector is vulnerable to offshoring. The latest report from the Financial Services Sector Council (FSSC) also highlighted critical skills needs across the sector. At today’s seminar, a range of experts will identify the steps needed to meet this challenge.

The event has been organised by unionlearn, Unite, Alliance for Finance and is also being supported by the FSSC.

Minister for Skills David Lammy said: “The finance sector is at the heart of the British economy, and continued skills development in the sector is vital to our success and prosperity. It is good to see the FSSC working closely with Unite and the Alliance for Finance to promote the skills agenda in the sector, to ensure that every employee has access to high quality training.”

Speakers at the seminar, chaired by John Earls, Research Section Head at Unite and FSSC board member: TUC General Secretary Brendan Barber, Minister for Skills David Lammy MP, and Teresa Sayers, Chief Executive of the Financial Services Skills Council.

 

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