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London jobs market flourishing

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UK limited company contractors and freelancers will be pleased to hear that new research has shown London’s labour market is once again thriving.

The study, carried out by the City of London Corporation, revealed that there are more people in jobs now than before the recession began.

According to the findings, the rate of job creation is steadily increasing, with predictions that there will have been a 2.6% growth by the end of 2012.

Contractors working in accountancy and law will be particularly interested to learn that their sectors are doing very well, seeing a 7.2% growth in job numbers within the last year.

Mark Boleat, policy chairman at the City of London, said of the findings, “The City is clearly undergoing a readjustment as certain high-profile parts of the industry adapt to a challenging economic environment. Investment banking, in particular, is facing up to a new regulatory landscape.

But even as parts of the financial services industry downscale, others — including insurance and fund management — are expanding.  And London’s position as a world leading provider of professional services will continue to fuel growth in these activities.”

These findings are very much supported by the recent Centre for Economics and Business Research (CEBR) report, which found that employment in Inner London East is set to soar.  It is thought that the government infrastructure investment in the run up to the Olympics has helped with the employment and population growth in the area.

Charles Davis, CEBR Head of Macroeconomics said of their report, “London is evolving and adapting to life post-financial crisis. While in the short term there has been no shortage of pain with job losses across the City and economic output broadly flat in 2012, we think there are positive signs that the capital is adjusting and new sectors are taking prominence in different parts of London away from the City and West End.

Please visit our Contractor News page for all other news. To discuss this story further visit our SJD Accountancy Blog.

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