End of UK recession may boost banking jobs

City firms could be encouraged to recruit more people to finance jobs by the news that the UK economy has emerged from recession.

In the wake of six consecutive quarters of economic contraction, the news that gross domestic product (GDP) started to rise at the end of 2009 may prompt financial services firms to create new market risk jobs.

Latest data from the Office for National Statistics shows that over the three months to December, GDP was up by 0.1 per cent compared with a fall of 0.2 per cent in the previous quarter, with the services and production sectors boosting output.

The business services and finance sector stabilised during the period in question, with a dip of 0.8 per cent in the third quarter followed by zero growth in the fourth.

A strengthening industry could result in more banking jobs in London, with a recent study by hedge fund Tosca reported in the Telegraph as predicting that 100,000 new finance positions will be created during the next ten years in the City.