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Financial Services: Portsmouth

Volume 505: debated on Friday 5 February 2010

To ask the Minister of State, Department for Business, Innovation and Skills what his most recent assessment is of the effect on the financial services industry in Portsmouth of the recession; and if he will make a statement. (313073)

At present data are only available for the period to the end of the 2008 calendar year. In 2008 there were some 2,400 people employed in this sector, which represented a 23 per cent. reduction on the 2007 figure.

However, a comparison over this relatively short time period is unlikely to present a comprehensive picture. A clearer indication of the effect of the recession on the financial services sector in Portsmouth will emerge over time, as more information becomes available.