City of London ''to generate 100k banking jobs in next decade''

The City of London will see around 100,000 new finance jobs created over the next decade, a new report has predicted.

According to a study by hedge fund Tosca, the capital''s financial sector will grow during the coming ten years, fuelled by the expansion of developing and emerging economies such as Brazil, Russia, India and China, the Telegraph reports.

The organisation''s chief economist Savva Savouri told the news source: "The idea that London is going to full of tumbleweed in ten years is not credible … There are too many aspirational economies that don''t have infrastructures of their own."

His comments defy gloomier forecasts for the future of banking jobs in London and Mr Savouri added that the burden of regulation and taxes is rising in many locations outside the UK.

Something else that could boost the sector if it is heeded is a recent call by London mayor Boris Johnson for the Conservatives not to extend the proposed supertax on bankers'' bonuses if they are victorious in the forthcoming general election.