Member Article

Economic growth to create 145,000 Central London jobs by 2025

By 2025, given the right economic conditions, 145,000 new jobs will be created in Central London, with over a quarter of these (39,000) located in the City.

New research published today has highlighted the continued possibility of “Brexit”, a lack of skilled employees, unaffordable housing, and a lack of aviation capacity as contributing factors threatening the City’s projected growth.

The Future of the City of London’s Economy, produced by Centre for Cities and Cambridge Econometrics on behalf of the City of London Corporation, forecasts the City’s next decade of growth based on the most likely projections and found that as well as the rise in employment within the Square Mile, per job productivity will grow £27k to £141k, taking it to three times the UK average.

90% of output gains and 70% of employment growth will be in Finance & Insurance; Media, IT & Communications; and Legal & Accounting.

The City generated £45bn in economic output (GVA) in 2014, and as its specialised cluster of financial and business services remains in high demand, this is predicted to grow by £16bn by 2025.

Its forecast growth will, in addition, further increase the demand for high-skilled labour, continuing a trend that began in the early 1990s.

Speaking as the report was launched, Mark Boleat, Chairman of Policy & Resources at the City of London Corporation, said: “Once again this report shows how vital the City’s success is to growth in London and the UK.

“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.”

This was posted in Bdaily's Members' News section by Ellen Forster .