London employment to soar as economy grows, CEBR forecast suggests
The London economy is expected to grow in real terms by 4.2% over 2014 as a whole and by 3.4% in 2015, thus regaining its status as the fastest growing UK region, forecasts from the Centre for Economics and Business Research (Cebr) suggest.
The Cebr forward-looking report for London and the UK as a whole estimates that London will be accounting for almost a third of all the growth in the UK over the next 5 years to 2019. As a direct result of this strong economic growth, employment is projected to rise by 2.8% over 2014 as a whole, and by 1.5% in 2015, while further growth of 6.1% is expected between 2014 and 2019 in the region.
Economic growth in London is expected to be fuelled by the business services, technology and construction sectors. Due to large amounts of construction in Central London, employment in this industry is forecast to increase by 7.3% this year, the fastest sector for employment growth. Adding to this, finance and business services employment is estimated to grow by 11.0% in the next five years in Central London, equivalent to nearly 100,000 jobs.
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