Employment in the financial services sector is growing at the fastest rate since 2007 a new study reveals. Companies within the sector recruited 10,000 extra staff in the final quarter of 2013, and that figure is forecast to rise by a further 15,000 in the first quarter of this year, which would be the fastest recorded growth since 1989.
The findings, from the CBI and professional services firm PwC, point to employment in the sector rising to 1.6 million by the springtime. While this figure remains 52,000 below the peak in 2008, it will undoubtedly drive office demand in the City and the UK’s other financial centres.
The CBI’s Matthew Fell says that all the key indicators are up, and longer term indicators are also on the rise.
“As the recovery takes root in the wider economy, it is beginning to feed through to financial services firms.
“Things are starting to look more ‘normal’ after five years of volatility,” he explained to the FT.
In the City new job vacancies rose by 51 per cent, year-on-year during December, according to financial recruitment firm Morgan Mckinley, and they forecast that the trend is set to continue this year.
“We predict continued optimism in the City. With the EU also improving, there is certain to be a positive knock-on effect on City employment,” said operations director Hakan Enver.
The picture is also brighter in Manchester where, it was reported last month, office take-up was at a three year high. This news coincided with the announcement of the development of a further 260,000 sq ft of office space in the city’s Spinningfields financial district.
“The improvement in the market, following growing demand for well-located and well-maintained stock over the last nine months, has been encouraging and we’re looking forward to a strong start to 2014,” said Tim Luckman of Jones Lang LaSalle.
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