SWINDON is the fourth best town in the UK for economic growth in the financial services sector, a new report released by law firm Irwin Mitchell has revealed.

The UK Powerhouse report, produced alongside the Centre for Business & Economic Research (CBER) provides an estimate of GVA (the value of goods and services produced) and annual job growth of 45 of the UK’s largest towns and cities, 12 months ahead of the Government’s official figures.

New to this quarter’s report is an industry focused aspect, the Financial Powerhouse league table, which assesses the role financial services play within UK city economies.

According to the report, Swindon is an expanding financial force in the south, having grown strongly in recent years with a maturing banking and insurance sector. The report says the value of the town’s finance and insurance sector increased by over £50 million from 2012 to 2015.

The report also provides a 10-year projection on GVA and employment, with further positive times ahead predicted for Swindon.

Economic growth is forecast to rise by 15.9 per cent, whilst employment is projected to rise by nearly 10 per cent by 2027.

However, the report warns how a number of factors may influence future growth - for example, the UK’s exit from the EU is likely to have a significant impact on the nation’s financial sector.

Andrew Watson, a financial services sector specialist at Irwin Mitchell, said: “The loss of freedom of movement upon leaving the single market could limit the availability of skilled European labour and significantly hamper the UK’s financial sector, in particular the fintech sub-sector.”