City of London’s jobs boom set to continue

The City of London's services sector – notably financial and insurance companies – will help create 145,000 jobs in the capital over the next decade, according to new research.

Financial sector workers in the City of London
Almost 40,000 of those jobs will be based in the City's 'square mile' itself, according to the report compiled by the Centre for Cities and Cambridge Econometrics for the City of London Corporation.The report, The Future of the City of London's Economy, said that the City generated £45 billion in economic output last year and that this was predicted to grow by £16 billion over the next decade.It added that the vast majority of output and employment rises expected by 2025 would be attributable to finance and insurance; media, IT and communications; and legal and accounting.However, the report warned the growth could be hampered by the uncertainty generated by the in-out referendum on the UK's membership of the EU. Other potential problems were the lack of affordable housing in London, shortage of runway capacity at London's airports and a lack of suitably skilled workers.Mark Boleat, chairman of policy and resources at the City of London Corporation, commented, "There are serious challenges ahead for policy makers – we cannot let potentially limiting factors such as housing and transport for the City's workers, lack of aviation capacity, inadequate broadband provision, or poor regulation create barriers to growth and artificially constrain the City's proven ability to act as the engine of the UK's economy."Not that airport overcrowding seems to have had much effect yet with London retaining its position as the top-ranked international travel destination for the fifth time in seven years, according to the annual MasterCard Global Destinations Cities Index.The index, which provides a ranking of the 132 most visited cities around the world, projected that London would receive 18.82 million international visitors in 2015, slightly ahead of second-ranked Bangkok (18.24 million).Other cities in the top 10 were Paris (16.06 million), Dubai (14.26m), Istanbul (12.56m), New York (12.27m), Singapore (11.88m), Kuala Lumpur (11.12m), Seoul (10.35m) and Hong Kong (8.66m).For more Re:locate news and features about the financial sector, click here and for more about UK business and enterprise, click here

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