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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.”


Portal switches on Entelechy scheme

The Money Portal has launched its Entelechy scheme to Sage network’s 452 advisers in a bid to help them move from initial commission to fund-based, recurring income streams.

Paternoster doubles assets in Q1

Paternoster has doubled its pension scheme assets under management in quarter one of this year and now has liabilities totalling £411.7m.At the end of quarter one 2007 the total value of assets transferred to Paternoster was £260m which represents a growth of 111 per cent quarter on quarter.Paternoster is the annuity provider to members of […]

A third of FTBs borrowing five-times income

A third of 18 to 25 year olds have a mortgage worth five times their salary, research from Equifax reveals.It claims that young people are setting themselves up for a poor retirement with women potentially most at risk.Some 50 per cent of 18-25 year olds already have over £5,000 of short term debt and 33 […]

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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