London to benefit from 20,000 finance jobs by 2012

Thousands of employment opportunities will be created in the UK's financial centre over the next three years, according to new forecasts.

The Centre for Economics and Business Research (CEBR) has predicted that around 9,000 jobs will be created in London's financial district in 2010 as banks begin to return to profits.

In a report entitled London and the City Prospects, the economic consultancy suggested that the total number of labor market members employed in the Square Mile will rise by 20,000 to 325,000 in 2012.

The CEBR also forecast that UK financial firms will shed fewer jobs this year, revising its original estimate of 29,000 redundancies to 18,000.

However, Benjamin Williamson, economist at CEBR, explained that peak levels of employment will not return to the City in more than a decade.

He said: "While the City is still expected to retain its position as one of the world's leading financial centres, growth is likely to remain below recent levels owing to tougher capital requirements."

London's labour market was given further cause for optimism earlier this month when Park Plaza Hotels announced that a new facility in Westminster will require hundreds of staff members.

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