The northwest could benefit from the economic crisis in the City by offering financial services companies a lower cost base for back office operations.

With cheaper rents and lower salaries, companies are finding the region a very attractive prospect, with several already signed up to the 100,000 sq ft Spinningfields development in Manchester, reported the Financial Times.

Colin Sinclair, chief executive of Manchester inward investment agency Midas, told the FT: "Every company will be looking to cut costs and the biggest cost is people. We can do a lot of things cheaper than London."