London’s City employs record number of financial and related professional services workers.
TheCityUK’s latest London Employment Survey showed that the number of workers in the financial and related professional services industry hit a record high in December 2014, highlighting the sector's burgeoning recovery.
Employment in London’s City hit 709,500 in December, a 2.5 per cent rise when compared with the same time last year and the highest level ever seen. A surge in professional services jobs helped lift the level to its record high as they grew by 4.3 per cent.
“London’s position as the pre-eminent international financial centre and the value that brings to the national economy should not be underestimated.” said TheCityUK chief Chris Cummings.
“It is essential that the country continues to attract overseas firms, foreign direct investment and the best talent by sending a clear message that it is a genuinely competitive and world-leading place to do business,” he added.
2015 should see further growth
The financial sector has continued its recovery and continues to beat pre-crisis peaks, which saw the number of employees hit 691,700 in 2007. Furthermore, the trend is expected to continue in the coming year.
Analysts predict the sector will grow by 2.7 per cent in 2015, which would see another 19,200 added to the industry.
The fastest growing industry was seen to be the accounting and management consultancy, where the headcount increased by 6.3 per cent on the year to reach 257,400. The next largest rise came from the fund management sector, which recorded a rise of 4.7 per cent to 25,300.
Employment boom expected to be nationwide
However, for the first time since 2009 employment growth outside of London outpaced that in the capital, recording an increase of 2.7 per cent and sending the number of workers soaring to more than 2.1 million.
Over the coming year, UK-wide industry job growth is expected to rise by 2.5 per cent, which should add around 54,000 new jobs and carry the UK’s employment boom to pre-crisis levels across the whole nation.
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