City 'will add another 100,000 jobs by 2015'
Monday 22 June 1998
In Growth Prospects of City Industries, Professor Tim Congdon of Lombard Street Research says: "The study's forecasts are based on the identification and consideration of long-term changes in the world economy, such as the rapid growth of markets in countries such as China and India, rather than short-term expectations of business growth."
He continues: "We are seeing a long-term shift towards free trade and liberalisation, and the widespread privatisation of state industries throughout the world. These changes are going to continue, whatever happens in the short term."
Judith Mayhew, chairman of the City of London Corporation's policy and resources committee said central London stood to benefit from these changes.
"London is a financial centre with deep liquidity and an enormous volume of international trading," she said. "The corporation will take the lead necessary to prepare for the increase in office space and transportation links which will be needed to cope with this growth."
The report also challenges the argument that European Monetary Union could lead to the marginalisation of the City. It says pessimists on the City's prospects have failed to explain why particular forms of trade would cease to pass through London with the onset of the single currency.
The report calculates that City output has grown by 7 per cent a year since the 1970s, compared to overall GDP growth of 2 per cent. It says City employment has been growing by about 1. 5 per cent a year.
It suggests that there were about 275,000 workers in City-related jobs in the UK in 1995. Of these, it says about 195,000 worked in the Square Mile with a further 55,000 elsewhere in London.
- 1 Morgan Freeman on the riot-focused coverage of the Baltimore protests: 'F**k the media'
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 3 Top Gear: Jodie Kidd, Philip Glenister and Guy Martin 'in advanced talks' to replace Jeremy Clarkson and co
- 4 Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
- 5 Length of pregnancy can vary by up to five weeks, scientists discover
Boston Marathon runner's search for mystery man she kissed ends with letter from his wife
Saudi Arabia's King Salman sacks senior aide for 'slapping' a journalist behind him live on TV
Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
Italian police 'reveal' what Jesus looked like as a young boy
Florida couple forced to register as sex offenders for having sex on public beach
In defence of liberal democracy
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
Andy McSmith's Sketch: Feisty audience is the real star of an enlightening show
iJobs Money & Business
£40-50k + Benefits.: Guru Careers: A Project Manager / Business Analyst is nee...
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...