The ‘Square Mile’ could once again be a Mecca for contractors, as the burgeoning finance and technology (Finech) sectors continue to thrive.
Data from the City of London Corporation reveals that the recent surge in hiring activity within the two industries looks set to continue, in what the report calls a “sustained bounce-back” from the global financial crisis. The study predicts that around 145,000 new jobs will be created in the capital over the next decade, providing a rich source of assignments for contractors.
London’s financial district is set to welcome an additional 39,000 new recruits, with the remainder spread across the other central boroughs. The report claimed the roles would increasingly be of a higher value, with lower-paid jobs either being moved to other parts of the country or automated completely.
According to the study, there were 311,000 professionals working in the City at the height of the financial crisis. The number has risen to 399,000 this year, and is expected to reach 436,000 by 2025.
Colin Loth, from recruitment firm Robert Walters, said: “International investment banks will retain their primary European operations in London, while retail banks will keep a London hub, and the insurance market will not move out of London.
“We do see a lot of back office jobs being lost, as finance firms move to lower-cost on-shoring, whether that is on the south coast, Manchester, Leeds or Birmingham.”
Meanwhile, the report also predicted that the next decade would be “lucrative” for compliance professionals. This is down to continued focus on risk, as regulators maintain their tough stance on banks and other financial institutions.
Have your say
Are you a contractor with experience in the above areas? Have you noticed an increase in demand for your services? Would you consider relocating to the Square Mile to take advantage of the new opportunities? Join in the discussion on Twitter, or leave a comment below.