Latest news: London to lose financial jobs

The capital is set to lose 27,000 city-like financial jobs in 2011. 28/10/2011 

In April, the Centre of Economics and Business Research (Cebr) estimated that 2,000 jobs would be created in London with a further 3,000 in 2012. This number has since been revised to show a loss of 27,000 jobs.

They also found the job forecast will remain flat in 2012 and this looks set to happen across various sectors.

The forecast was delivered in the latest issue of London, City and Regional Prospects, a new regular publication by Cebr.

Cebr are one of the countries only leading economic consultancies, well-known analysts of the London economy and the only commentators to track the history and prepare the forecast for the number of city jobs.

‘These latest estimates demonstrate how London’s role as a key centre in global finance is increasingly at risk. With the possibility of further taxation and higher regulation constraining the relative desirability of London as an important financial centre, the gap between the rising Far Eastern centres such as Hong Kong and Singapore continues to narrow,’ says Rob Harbron, economist at Cebr and the reports lead author.

The figures are well below the peak of 354,000 in 2007 and back to levels last seen in 1998. This has largely been due to the prospect of tighter financial regulations and the debt crisis in the Eurozone effecting confidence and market activity, says the survey.

City-like and  jobs will begin to appear again in 2014, 2015 and 2016 with an increase of between 3,000 and 4,000 jobs each year.

To find out which other companies are recruiting search graduate jobs.