The number of jobs that will be lost in the City of London this year is likely to be lower than previously thought, it has been predicted.
A new report from the Centre for Economics and Business Research (CEBR) has forecast that there will be 29,000 City jobs lost this year, compared to the 34,000 it believed would be lost in its previous assessment last October.
The CEBR suggested that the situation is getting better due to actions taken by the government and the Bank of England, such as the bail-out moves and the slashing of interest rates.
CEBR economist Richard Snook was quoted by Bloomberg remarking: "There will be further serious job losses as a result of the credit crunch, but we expect this to be a one-off adjustment to the sector."
Those running firms may be encouraged by suggestions that the actions taken to deal with the recession are starting to bear fruit, but may still benefit from picking up a pack on business management.
Today the Confederation of British Industry said the worst of the recession may be over, although there will not be a return to economic growth until next year.
Written by Christopher Evans
Published on: April 20, 2009