THE FINANCIAL services sector could lose its title as the dominant player in London, as a new study predicts a boom in professional services over the next decade.
An extra 28,000 workers could be employed in areas like management consulting and law by 2023, according to a study by the City of London Corporation and Oxford Economics.
At the same time financial services headcount will stagnate, slipping by about 5,000.
The growth spurt will mean around 148,000 people will work in professional services by 2023, closing in on financial services’ 163,800 staff.
Overall the study predicts an extra 41,000 people will work in the City in a decade’s time.
Such an increase will take the City’s headcount to around 485,500.
“Employment fell by 2.5 per cent in the City from 2008 to 2009, a reduction in employment steeper than that experienced across the UK,” the report said.
The City of London has reasserted its strong growth position since the financial crisis. Employment in the City of London is estimated to have grown by 85,000 since 2009.”