Financial Service Jobs See Large Second Quarter Increase

14th July 2011

In a leading survey published by the Confederation of British Industry and PricewaterhouseCoopers (PwC), the results show that 11,000 jobs were added to firms in the UK during the second quarter this year, the strongest growth rate since September 2007.

Indicators show around 10,000 additional jobs will need to be filled within the next three months, adding to the 1.08m now included in the UK financial services workforce. This is great news for the UK’s unemployed after six months of job cuts, also showing growth in the business sector, giving a much needed boost to the sagging economy.

According to Ian McCafferty, chief economic adviser of the CBI, the number of those employed since the financial crisis and ensuing recession is on the rise. He also called the unexpected increase in the number of employed "heartening," commenting that the last rise in the financial careers industry was in early 2008.

With increased profitability, recruitment in the sector will be on the rise as firms are more willing to take on the expense of a larger workforce.

Growth for the quarter was reported in nearly all sectors of the industry other than general insurance. There was also a slight increase in non-performing loans coming from the retail sector, fuelled primarily by unpaid consumer debt.

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