NCIAL companies in the City and Canary Wharf stimulate a vast and varied range of jobs outside the sector, according to official figures seen by City A.M.
Less than half (44 per cent) the jobs in London’s main financial districts were in finance and insurance in 2009, with 232,682 other jobs existing in support services and sectors such as retailing.
“For every financial services head office job there are other jobs created in the City and Canary Wharf – from retail, hospitality and professional and public services,” said Chris Cummings of promotional body TheCityUK.
“The same is true across the UK, and that’s why we must preserve and develop the UK’s role as a global financial services hub,” said Cummings.
In the City and Canary Wharf, there were 18,300 jobs in hotels and restaurants and 18,800 jobs in wholesale and retail trade, according to data compiled by the Office of National Statistics (ONS).
Many of the related jobs rely on the financial sector, Cummings said. As the recession started to bite, a seven per cent fall in financial jobs coincided with a 22 per cent drop in administration and support activities, the figures showed.
And employment in the City fringe also receives knock on effects, the data suggests. As City finance employment rose by 4,000 between 2006 and 2007, finance jobs in fringe areas increased by 4,600.
FAST FACTS | CITY JOBS
● The City and Canary Wharf provide 18,300 jobs in hotels and restaurants (2009).
● And a total of 232,682 non-finance jobs.
● Just 44 per cent of jobs in the two areas are directly in finance and insurance.