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4,000 More City jobs to be created this year

Around 4,200 more City jobs will be created this year, according to research from the Centre for Economic and Business Research. Most of the employment growth has been in the professional services sector, including law and accountancy roles, making up 2,800 new jobs in the Square Mile and Canary Wharf.

The research says that the UK financial market is inc- reasingly resilient to the US downturn, reaching a record 342,600 jobs in 2007 compared with 338,400 last year.

Growth in foreign exchange and derivatives desks will create a further 900 jobs. Other areas of expansion include hedge funds, international initial public offerings and private equity but at a slower rate of growth in these sectors than last year.

The CEBR says despite rising interest rates and concerns about personal debt levels, London’s wholesale finance sector continues to perform strongly. It says this is due to the big value of liquidity circulating around the world financial markets and London’s ability to capture a big share of the international finance market.

Senior economist Jonathan Said says: “London’s recent ability to capture a larger share of the international finance market has contributed to the rapid jobs growth that is currently being experienced.

“Yet while London has become more susceptible to glo-bal events, it is no longer only linked to events across the pond but importantly also to the likes of China and Russia. The huge size of their reserves has kept London more buoyant this year than we had previously anticipated.”

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