The City of London could see 39,000 jobs created over the next decade if economic and regulatory conditions remain favorable, said a local government body that oversees Britain’s main financial district.
In total there could be 145,000 new jobs in Central London by 2025, the City of London Corp. said in a report published on Wednesday. Economic output in the capital’s financial district would increase to 61 billion pounds ($93 billion) from 45 billion pounds in 2014, according to the report.
“There are serious challenges ahead for policy makers,” said Mark Boleat, chairman of policy and resources at the City of London Corp. “We cannot let potentially limiting factors such as housing and transport for the City’s workers, lack of aviation capacity, inadequate broadband provision, or poor regulation create barriers to growth.”
The research comes amid concerns of a potential U.K. exit from the European Union trade bloc, which has spooked some securities firms operating in London. Deutsche Bank AG said in May it’s studying the potential impact of a British exit from the EU on business and is weighing options that may include moving activities to Germany.
Employment in London’s financial district would increase by about 10 percent to 436,000 through 2025, according to the study conducted by the Centre for Cities and Cambridge Econometrics for the City of London Corp.