The future economic prospects of the City of London’s economy, requires an in-depth examination of sectoral and geographical areas within Central London and the surrounding London areas.
In 2014 the City of London generated 45 Billion pounds sterling in economic output, mainly due to the strength of its financial markets and other related professional services. This represents approx. 3% of the UK’s economic output. The expected growth within the City has been reported to be around the 2.8% mark, and is forecasted to hold this figure for the next decade ahead, which is reassuring for areas of concern, such as employment, productivity and most Industries in general.
With growth comes employment gains, especially in areas such as Insurance, Financial Market, Media, Information Technology and Communications. It is expected that by the year 2025 there will be in excess of 140,000 new jobs within the City of London, these are reported to be for mainly skilled workers. The main focus for the future for new job creation should be to support existing and future skill shortages as well as forecasting potential new skill demands that will be required.
With a growing labour force for London looming, It will be imperative that areas such as Housing, Transportation, Training & Development are improved dramatically to ensure a solid foundation is in place to cater for these changes to the City. With recent issues such as the European Union membership of the whole of the United Kingdom, all of the aforementioned would require an additional research project, if the UK were to leave the EU.
We will be adding more news on the Economic Prospects of London shortly, with a view to detailing regions of the City separately to ensure a concise review is achieved for our readers.