City of London employment hits record highs
Employment in London’s finance sector is at a record high, according to figures from TheCityUK.
Positive news has been appearing for some time on the UK financial services sector, with data suggesting that new business confidence is pushing demand and employment higher. But new figures from TheCityUK indicate that the City is well and truly back on its feet.
The latest London Employment Survey for October 2014 reveals that employment in the financial sector and related professional services across London reached 703,900 in June.
Not only is that 11 per cent higher than the trough reported in 2010, but it’s also almost two per cent higher than the peak seen in 2007. That means that employment in the City has surpassed its pre-recession high and currently sits at an all-time high.
By the end of the year the number of people employed in these key sectors is due to increase to 714,500 – far above the 691,700 workers recorded in 2007. In the depths of the economic downturn, the figure slumped to 635,900, yet it appears that as the UK recovers the City has been able to make up all of that lost ground and much more besides.
“After years of restructuring, there are clear signs of businesses investing across the capital. The major professional services firms all have large operations in London and the jobs boom they are enjoying is positive for graduates and school leavers looking to build their careers in Europe’s financial capital,” said Chris Cummings, chief executive of TheCityUK.
The study shows that the financial services sector proper has seen less marked growth than other areas, although it did tick upwards after a decline in 2013.
Instead, much of the increase across the January-June period was down to 3.1 per cent increase in professional services jobs. In particular, accounting and management consultancy companies played the biggest role in overall City employment growth.
“These employment figures send a clear message to overseas firms that the UK remains a world-leading place to do business,” added Mr Cummings. It’s certainly clear that London’s dominant position as a finance hub is assured for some time yet.