Sunday 1 February 2015 10:08 pm

Record number employed to work in the City

London has more finance and professional services workers than ever before, business group TheCityUK revealed today. A total of 709,500 now work in the sectors in the capital, up 2.5 per cent on the year. That compares with 692,600 a year ago, and 691,700 at its pre-crisis peak in 2007. And TheCityUK expects another 19,200 to be hired in the coming year. One-third of those workers are employed in the square mile itself, while 10.9 per cent – 77,100 – are in Canary Wharf. By industry, the biggest contingent, 257,400, work in accounting and management cons- ultancy. That is also the fastest growing industry, with headcount up 6.3 per cent on the year. Next biggest is banking, which employs 143,500 and is down 0.3 per cent compared with last year. In joint third place are legal services and auxiliary services, which employ around 106,000 each. Insurance is next with 70,600 workers, and fund management last with 25,300 staff. TheCityUK urged politicians not to bash the sector ahead of the election. “London’s position as the pre-eminent international financial centre and the value that brings to the national economy should not be under-estimated.” said chief Chris Cummings. “It is essential that the country continues to attract overseas firms, foreign direct investment and the best talent by sending a clear message that it is a genuinely competitive and world-leading place to do business.”