City of London to create 41,000 new jobs by 2023

The City of London will create 41,000 new jobs by 2023, said the City of London Corporation in a report Thursday. The economic recovery pace in the City of London is faster than the British average, said the City in a commissioned report. Between 2009 and 2013, employment within the City is projected to have increased by 24.3 percent, or by 85,000 jobs. Looking forward, the financial services industry will remain the single biggest industry in the City, with 165,000 workers, equivalent to 38 percent of the total employment in the City, over the next decade, said the City. Meanwhile, the professional services sector will be another important contributor to job creation in the City, with 15,000 new jobs predicted to be added over the next two years and 25,000 new positions by 2023, noted the City. The technology, media and communications sector is also expected to enjoy continued expansion, with 5,000 additional jobs, over the period. Computer programming, consultancy and related activities will be acting as the main drivers. "The strong employment growth projected for the City is reflective of wider Central London forecasts, which estimate Central London will account for one in every eight jobs created across the country over the next decade," added the City. "This very positive report shows that growth continues to put down roots across the City's industries," Mark Boleat, policy chairman at the City, commented in a statement.