The professional services sector, including accountants and lawyers, will account for more than half of the 15,000 new jobs predicted to be created in the City over the next two years and is expected to generate 25,000 new jobs by 2023.
The report, published today, confirms that City has outpaced the UK average in economic recovery. Employment within the City is projected to have increased by 24.3% between 2009 and 2013 – an addition of 85,000 jobs.
The financial services industry will remain the single biggest industry in the City, with 165,000 workers, equivalent to 38% of the total employment in the City and will account for around half of all GVA (Gross Value Added) growth over the next decade owing to strong productivity gains.
Mark Boleat, policy chairman at the City of London Corporation, said, “As one of the world’s leading financial centres, the City is crucial for driving growth across London and the UK. This very positive report shows that growth continues to put down roots across the City’s industries, especially in the key new areas of technology and media.
"The growth in productivity is also extremely positive news, and will reinforce the City’s competitive position and support growth in key industries.”