Buoyant economic data released on 4th April suggests that the UK is likely to avoid slipping into a double dip recession. Figures from the latest Markit/CIPS survey showed that Britain’s services sector has grown consecutively for the past 15 months, expanding by as much as 0.5% in the first quarter of 2012. The wide ranging services sector accounts for about 75% of the British economy and is widely considered as a key driver of economic growth. The survey also reported growth in the manufacturing and construction sectors, which suggests that the economy as a whole is more robust than was thought just a few months ago.
However despite the growth of the services sector as a whole, the financial and banking sectors are still behaving cautiously, resulting in limited city job opportunities. Many financial institutions have undertaken restructuring and job cutting programmes to cut costs and ensure that they remain profitable and competitive in the more demanding business environment. According to a report by the Centre for Economics and Business Research, the City cut 27,000 financial jobs in 2011 and there are still deep concerns about the future. There are fears that the Euro zone crisis may erupt again, and while conditions remain uncertain, most companies are adopting a conservative approach to job creation.
The availability of a pool of skilled experienced workers in the sector, following recent large scale redundancies in the industry, mean that those looking for career opportunities have to demonstrate exceptional qualities. On the other hand, there are excellent prospects for companies to add talented people to their payroll.