Feature: Britain's northern powerhouse new magnet for finance sector: minister

It's the most famous square mile in the world, the City of London, recognised as a global financial center.

But more people are employed in the sector outside Britain's capital where the legendary Dick Whittington said the streets were paved with gold.

Speaking in Leeds Saturday, the government's Northern Powerhouse Minister James Wharton challenged global financial services companies to tap in to the wealth of talent Britain's north has to offer.

Wharton, highlighting the contribution of Northern Powerhouse to Britain's leading global position in financial services, said the sector employs over 400,000 across northern England.

He was speaking after attending an event in Leeds promoted by UK Trade & Investment (UKTI) which showcased the Yorkshire region as a Financial Centre of Excellence. Wharton will attend a similar event in Manchester later this month.

Wharton said despite London's square mile being undisputed as Europe's financial capital, he highlighted the fact that most people employed by the sector in this country were based outside of the capital.

In 2012 alone, he said, companies in the sector across the Leeds and Sheffield city regions contributed more than 20 billion U.S. dollars to the British economy.

Wharton said several key players in the sector are choosing to "near-shore" their services, moving jobs out London or back to Britain from overseas.

He cited the example of the Bank of Merrill Lynch which employed over 700 people at its office in Chester, its largest site outside of London in the whole of Europe, the Middle East and Africa.

PwC, the world's largest professional services company, has expanded in Leeds, and now employs over 700 people in the city, while international specialist bank and asset manager Investec announced last November they will launch an investment banking operation in the North of England.

Wharton said: "The financial services sector in the UK goes far beyond London and has a powerful presence in the North of England."

"We will continue to work with local leaders and the business community to make the region even more of a magnet to the financial services sector," Wharton said.

Chancellor of the Exchequer George Osborne created the Northern Powerhouse to rebalance the so-called north-south divide which has seen London and the South East increasingly overcrowded. Endit