Northern Square Mile Board Established to Boost Financial Innovation

New partnership aims to strengthen Leeds and West Yorkshire’s financial sector

Senior leaders from banking, financial technology, professional services, academia, and the public sector convened on 19 October 2026 for the inaugural meeting of the Northern Square Mile Board. This new industry-led partnership has been formed to support the growth and innovation of the financial and professional services sector in Leeds and West Yorkshire.

Board Composition and Objectives

The Northern Square Mile Board brings together key organisations including Lloyds Banking Group, Deloitte, Yorkshire Building Society, FinTech North, and the University of Leeds. The board’s purpose is to provide strategic leadership to enhance innovation, investment, skills development, and international connectivity within one of the UK’s largest financial and professional services clusters outside London.

Leeds hosts a concentration of major financial institutions, high-growth fintech companies, national regulators, the Bank of England, and the National Wealth Fund, making it a significant centre for financial expertise.

Statements from Local Leaders

• Tracy Brabin, Mayor of West Yorkshire: Highlighted the region’s status as the largest financial and professional services cluster outside London and emphasised the importance of international connections and investment to drive future growth.
• Cllr James Lewis, Leader of Leeds City Council and Deputy Mayor of West Yorkshire: Stressed the ambition to reduce poverty and inequality through inclusive economic growth, referencing the Northern Square Mile as a key driver in delivering £20 billion in economic growth and creating 100,000 new jobs over the next decade.
• Ed Whiting, Chief Executive of Leeds City Council and Chair of the Northern Square Mile Board: Noted the significance of collaboration among partners to maximise the sector’s potential and ensure accessible growth and employment opportunities for the local population.

Leeds Financial Innovation Exchange (LFIX)

One of the board’s initial initiatives is the Leeds Financial Innovation Exchange (LFIX), a £6.5 million programme led by the University of Leeds and delivered through Nexus. LFIX aims to unite financial institutions, researchers, innovators, and technology providers to address shared challenges and accelerate the adoption of emerging technologies in the sector.

The programme focuses on areas such as artificial intelligence, cybersecurity, fraud prevention, and climate risk. It is funded by the Local Innovation Partnerships Fund (LIPF), a UK Government initiative delivered through UK Research and Innovation (UKRI) to bolster regional innovation economies.

International Collaboration with Gujarat

The board’s first meeting coincided with the development of a new relationship between West Yorkshire and Gujarat, India, following Yorkshire’s initial joint trade mission to the region. Gujarat is home to significant financial institutions and GIFT City, India’s international financial services centre. This partnership is expected to facilitate knowledge exchange, relationship-building, and market exploration between organisations in West Yorkshire and India.

Future Outlook

The Northern Square Mile Board, alongside LFIX and the new Gujarat relationship, reflects the region’s ambition to compete on national and international stages. The focus remains on attracting investment, supporting business growth, developing talent, and reinforcing Leeds and West Yorkshire as a leading location for financial and professional services innovation.

Mark Burton, Regional Ambassador for Yorkshire at Lloyds Banking Group, described the Northern Square Mile as having “huge potential” with the scale, expertise, and talent to become a major force in the future of financial services. Professor Nick Plant, Deputy Vice-Chancellor for Research and Innovation at the University of Leeds, emphasised the role of academia in supporting industry through research and innovation, particularly via LFIX.