Information on Working in London
Strategy for London’s Economy
The London Plan was released in 2016 and has since been periodically revised. It describes how London’s economy, ecology, transportation, and social affairs will be preserved and developed through 2031. By removing obstacles to employment, this plan aims to increase employment prospects, particularly for people residing in the capital city of the United Kingdom.
For instance, the unemployment rate among adults of Black, Asian, and minority ethnic (BAME) groups in London is more than twice that of adults of White groupings. Promoting equity in the city’s workforce is one of the plan’s objectives.
Yet, those who are having trouble finding employment are urged to pick up new skills so they can have a better chance of integrating into a workplace that increasingly relies on cutting-edge technology.
In order to provide the large finance businesses in London with the talent they want, one of London’s driving forces is to empower locals with technology-related abilities. Some businesses may relocate abroad or hire talent from abroad if they are unable to discover local talent. For qualified international graduates and professionals looking to work in London, the fear of missing out in London offers an opportunity.
Technologies Sector
Major technological companies are located in East London’s Tech City, which is close to the Old Street Tube station. Smart start-ups and top online companies like Bloomberg Ventures, SoundCloud, and Mixcloud have offices in the Silicon Roundabout. Additionally, Tech City has received investments from tech behemoths like Facebook, Google, Intel, Microsoft, and Cisco.
Google’s headquarters in London recently relocated to Tech City. Academic institutions including Imperial College London and University College London also support the hub.
In 2014, academic studies estimated that London’s technology sector would increase the city’s value by 12 billion GBP (14.5 billion USD) by 2024. According to predictions, by the same date, the industry might employ at least 46,000 more workers.
Additionally, data indicates that London’s financial technology industry is performing better than its counterparts in New York and San Francisco. Over 27% of new jobs in London were generated by the IT sector, which has contributed to the city’s recovery from the 2008 financial crisis.
The Economic Centre
Since the mediaeval times, London has been an economic powerhouse and is perhaps the world’s financial capital. The district of London where the majority of the financial institutions are located is referred to by the moniker “City of London” or “City.” There are roughly 315,200 people working in jobs connected to finance in The City and Canary Wharf, which are the two main hubs of financial activity.
A significant percentage of business activity in London is accounted for by banking, insurance, foreign exchange, and bond trading. The city accounts for over 36% of daily global foreign exchange turnover, or roughly 0.73 trillion GBP (0.88 trillion USD).
The jobs and skills that are in demand the most
The primary talents in demand in London, according to the London Economic Plan, are in information technology. Individuals that operate in this field might find it simplest to find employment.
London’s largest employment sector is the service industry. Almost all jobs in the city—91% of all jobs—are provided by the services sector. Jobs in retail, hospitality, real estate, education, social service, and other fields are included in this.
Moreover, the production sector accounts for around 3% of all other occupations. This covers water supply, sewerage, waste, remediation, manufacturing, electricity, gas, steam, and air conditioning, as well as mining and quarrying. Forestry, fishing, farming, and construction jobs make up the remaining 6% of the labour force.